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chitt
Guest
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 Posted: Thu Jun 04, 2009 1:45 pm Post subject: FHA Appraisal |
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We just received an approval for our loan. They ordered an appraisal but the amount was way less then the forseen appraisal given a few months ago. So now we are unable to get our home loan. We have a construction loan in place tha twe owe 94k and the appraisal came in at 96k. Are we able to go with another lending company? Or can we go with a conventional loan, or do we have to wait 6 months?
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 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Thu Jun 04, 2009 7:40 pm Post subject: |
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Hi chitt!
Welcome to forums!
You have mentioned that you have been already approved for a loan. In such a situation why do you want to go for another lending company? Has your lender rejected your loan request after approving it?
Sussane |
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JKennedySLG
Community Experts
Joined: 01 Apr 2009
Posts: 335
Location: New Jersey/New York
9.13 Dollars($)
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| Posted: Thu Jun 04, 2009 9:49 pm Post subject: |
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It sounds as if you we "Conditionally Approved" pending a 2nd Appraisal. You can attempt to go to another lender, but they may also require a 2nd appraisal which may result in the same issue. You're not restricted to just dealing with this lender if they have denied you. I hope this helps...
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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| Posted: Sun Jun 21, 2009 4:58 am Post subject: |
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yes I do have the same question if your lender has approved your request then surely you need not search for a new lender.what will happen basically is you will end up loosing your time because new lender will again start from scratch.
so it is better advised to stick to an existing lender only and negotiate with him.
keep in touch.... |
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