Re: OMG!!!! I GOT MY FHA PRE-APPROV
04-14-2011 08:40 PM
I responded to your other post about the 203k, but here's the thing, at least here: I got an FHA appraisal, which any FHA buyer will see for the next 4 months. It will come up with the as-improved price (assuming the improvements are things that will make the property equivalent / saleable). The lending limit will be the *LOWER* of the sales price plus the improvements (which will include fees / permits / a % contingency - up to 20%, probably at least 10% / etc) OR 110% of the as-improved value. So if you get a contract price of 90k and the appraisal comes in at 120k, you will be restricted by the LOWER amount: 120k +10% = 132k or 90k +55k+10% = 150.5k - so you'd have to come up with almost 18k IN ADDITION to your 3.5% down and closing costs.
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