The FHA , the federal agency that insures low-down-payment home loans for private lenders recently said it was relaxing its building underwriting guidelines as a way of helping the struggling sector ride out the downturn. …
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Our FHA assigned appraiser said no. We made an offer on a 194,000 new home. We offered 225,000 for them to end the basement with wiring. The appraiser first went in and said it would appraise for 225,000 when the basement was finished. It seemed a small fishy to me that he appraised it exactly at our offer price. We finished up doing some more upgrades and so our actual buy price was 232,000. The appraiser guy had to go back after it was all done, and he added 3,000 for the dry bar, but no added value for the wiring and insulation, tile or granite counter top in the bathroom. It just doesn’t make sense to me, and the lender said the appraiser was really ancient fashioned and set in his ways. Don’t things like having tile instead of linoleum and marble instead of laminate add to the appraisal value of a home? How can this guy say the basement will be worth 31,000 without seeing it, and then only add 3,000 with all of the upgrades when it was finished?
Tags: added value, appraisal value, FHA, FHA Appraisers, granite counter top, insulation, laminate, linoleum, little fishy, marble, tileI have owned my house now for 3 years and have made many improvements. I paid 129K and I hope to sell for more than what I paid for it in 2005 (asking 155K). Will I have to pay any profit back to the government or other entity?
Does it depend on the current appraisal value of the house?
Also, is it right that I can sell the house with my current interest rate (5.75%) as well?
The only information I can find online is about obtaining a FHA loan.
Thanks!
Tags: 3 years, appraisal value, current interest rate, fha loan, FHA Loan Information, improvementsWe stipulated that if the contract be "locked in" if the appraisal value of our home equals the contract price minus the 3.5% the buyer plans to place down on the house. For example, an appraisal of ,500 is acceptable if the contract is drawn up for 0,000 since the 00 difference is equal to the buyers LTV of 96.5%. The realtor for our buyers insists that the "right FHA requirements" are that we cannot add in that particular stipulation. We are attempting a FSBO, and would appreciate any help.
Tags: appraisal value, contract price, FHA Requirements, FHA Requirements, fsbo, ltv, realtor, stipulationI am currently in the process of getting a mortgage. I need advice on the benefits and disadvantages of the following two mortgage types.
Standard FHA loan – using this loan, my pre-qualified amount will only allow me to buy a not so nice home in a less than stellar area. But, any and all appreciation in the home will be mine.
Shared Appreciation Second Mortgage – using this City funded program, the City will pay up to 60,000 over my FHA approval amount to get me into a nicer home in a excellent area. Using this option my down payment is minimal.
But, the Shared Appreciation Note has a catch. When I sell or refinance the home the City loan becomes payable, as well as 20% of any appreciation the home has gained.
So at this point I can either pay more upfront to get into the cheaper home, or I can pay more down the line using the City program to get into a much nicer home.
Any thoughts or suggestions?
The Shared Note has no time line. There is no minimum time one must remain in the home, and the second mortgage matures at the same rate as the first. In addition, should I do any work on the home, the cost of the work and the an appraisal value the added worth it gives the home will be taken out of the home appreciation prior to the City program factoring their 20%.
For example: if I buy a home for 150, using 20k from the City program, & after putting 10k worth of work into the kitchen, the home appraises for an addition 30k at 180k. If when I sell the home it goes for 250K, the home would have appreciated 70k since the original mortgage. Out of that, 30k is due to wortk I place in and as such is mine. From the remaining 40k, the City program would get its initial 20k back plus the 20% = Total of ,000.
Tags: 20k, 30k, appraisal value, appreciation note, city loan, fha loan, FHA Mortgage, getting a mortgage, home appreciation, minimum time, mortgage types, original mortgage, second mortgage, time lineKeep in mind that the lender will require an appraisal on the house, and the value of the loan cannot exceed the appraisal value. If there are a lot of foreclosures in the area, it will really drag down the appraisal value. ...
Blue book value is just a comparison of what other cars of the same type, color, mileage, and condition are selling for in your city. Basically the blue book gives you an accurate appraisal of what you should buy or sell a car for. ...
While this guideline was implemented to eliminate any conflict-of-interest where the loan officer may pressure the appraiser to stretch the value, it has also created multiple problems. Most of these appraisals are not transferable to ...
Now, I would expect a super conservative appraisal to value my home at 70% of my purchase price and improvements at 80% of cost, putting the number closer to $455k. That would have put me at 25/75 LTV, and at least given me a chance to ...
Groundwork and research evaluates the real estate in an informal report, providing a realistic value of the real estate at less than one-third the cost of the typical commercial appraisal. The seller can then have a realistic idea about ...
bestsandiegolawyer.com Website Value Calculator and worth estimation result - domain appraisal. The free domain value website worth valuation tool.
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We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates ...
Don't fret about sacrificing quality with Augustina Jewelry on Amazon.com ? (A copy of the appraisal will be mailed for reference of the value only. Please note that original appraisals from certified appraisers cost between $120 to ...
i am a mortgage broker, you may not be be able to get a better rate on the home but some lending situations are doing as much as 97% of appraised value. contact me if oyu want to see what the options are. money_for_sell@yahoo.com ...