I just bought a home with a NFCU Homebuyer's Choice mortgage after being denied a VA loan due to being an IT consultant. Before being denied, NFCU had called in a VA appraisal and the amount came in $21,000 over what I paid. At closing,both realtors said I had a great deal and that house comps in the area are selling for over a $100,000 over what I ended up paying.
I am due to hired on perm in November and intend to do a VA cash out refi soon after. My question is, will the appraisal be recycled from the one in April or will it be redone? I am hoping to take cash out to build a small minimalist granny flat on our property and would love for a new and stronger appraisal to borrow against. I purchased the home for $375,000 in May and since then, two very similar have sold for $460,000 and $467,000. My realtor said that the initial appraisal was "stingy."
Any thoughts?
