FHA Home Mortgage Loan Interest Rates

Here is my situation. Our offer was accepted by the seller in Sept. We had our inspections, had our appraisal which came in at the price we agreed to pay, finally our FHA loan was approved, but the underwriter ordered another home appraisal to verify the home’s value. That appraisal was finally settled at k less than the price. Consequently, this changed the parameters of the sale to a small sale, and now their lender must approve. I know the FHA HUD appraisal is tied to the house for 6 months, so we are being told the bank should no doubt accept, we are in escrow ready to close. What chance is there the bank will drag it’s feet or reject the offer altogether? Why would they? It has been a week and the seller’s agent is trying to get a choice from the bank? Do we hold off, we do have an appraisal contingency. Any advice is helpful, thank you!!!
Perhaps I was unclear, the reason this house went to being a small sale is because as a result of the FHA appraisal at 30K less than the accepted price, the seller owed more than the house is now appraised at. So the bank needs to approve the sale. Our loan was approved, we are all ready to close.

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This entry was posted on Monday, October 5th, 2009 at 4:49 am and is filed under HUD Approved Lenders. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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