House appraises for more than purchase price..?

I am buying a house (FHA 3% down, 30 yr fixed) for 450,000 and comparable properties are currently selling in the 600-800k range. One property just entered escrow that is nearly identical to mine (and a couple blocks away) for 879k.

My bank’s appraiser comes out next week to take a look at the house, if the appraisals comes up high (which I reckon it will) can I adjust my loan to question for mortgage insurance to be removed if my loan-to-value comes up under 80% even though I only have 3% down?

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This entry was posted on Monday, June 29th, 2009 at 10:49 pm and is filed under FHA Appraisers. 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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