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jean192 · Joined: 09 Aug 2009 Posts: 3 1.00 Dollars($)

I applied for a conventional refinance cash out mortgage loan to Top Dot Mortgage in Jericho, New York in June 2009. I told the lender I did not want an FHA loan because of the mortgage insurance fee each month yet he went ahead and ordered an FHA appraisal, charging it to one of my high interest credit cards. Now I am paying high interest rate on that $450 charge since June 19, 2009. I could not sign the lenders loan package because it was not in the best interest with the terms we verball agreed upon not to mention the fact that the FHA appraisal charged to my credit card was not applicable to my loan. My present lender has kept me dangling since July 1st telling me he could use the appraisal. I just found out yesterday that Top Dot ordered an FHA appraisal for my conventional loan and his conventional good faith estimate. My loyalty to deception is making it impossible for me to close on this deal with another lender who has promised to overnight express his good faith estimate, rate lock in sheet and conventional loan package for the past three weeks. Both Top Dot and my present lender have known that an FHA appraisal was ordered for a conventional loan application. I don't know where to turn and the credit card debt I so earnestly endeavored to decrease is increasing all the more because of this deception. I feel that Top Dot Mortgage must return the $450 FHA appraisal fee.

jean192 · Joined: 09 Aug 2009 Posts: 3 1.00 Dollars($)

Lender ordered an FHA appraisal for a conventional loan application.

adonis · Posted: Sun Aug 09, 2009 7:10 pm Post subject:

Hi jean,

As far as I know, a FHA appraisal cannot be used for a conventional loan. It can only be used for a FHA loan. You need to speak to your lender and clear out the issue. You can even sue the lender in case if he is not ready to negotiate with you.

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can an FHA appraisal be used for a conventional loan. I applied for a conventional loan, got a conventional loan good faith estimate but the lender ordered an FHA appraisal. Now I am stuck.