How long does an FHA appraisal take?

[Holly1221]

Sounds like you made it thru the worst part "incognitony".....Hang in there!

[Tooliebell]

Well our loan has been denied by the underwriter due to the farmland.  It was ONE line in the 29 page appraisal.  My LO said her parents refinanced with them, had 4 acres of their ten in crops, the appraiser didn't mention it so it wasn't an issue! 

So mad! So Mad! SO MAD!  I just spent $435 on a pipe dream.  I don't understand why my realtor or the seller's realtor didn't see this as a problem. I was hoping to find another lender with a less strict underwriter (if that is possible), but my LO said this appraisal will get logged into the system with the denial reason being due to farmland on subject property and that will hold up other FHA lenders too.

Now I just hope I get my $1000 back!

[Holly1221]

Oh Toolie, I'm so sorry!  Can you switch it to a USDA loan instead?  I don't know much about loans but I think that one is for "rural" property.

[lesaheart]

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@Tooliebell wrote:

Well our loan has been denied by the underwriter due to the farmland.  It was ONE line in the 29 page appraisal.  My LO said her parents refinanced with them, had 4 acres of their ten in crops, the appraiser didn't mention it so it wasn't an issue! 

So mad! So Mad! SO MAD!  I just spent $435 on a pipe dream.  I don't understand why my realtor or the seller's realtor didn't see this as a problem. I was hoping to find another lender with a less strict underwriter (if that is possible), but my LO said this appraisal will get logged into the system with the denial reason being due to farmland on subject property and that will hold up other FHA lenders too.

Now I just hope I get my $1000 back!

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I'm sorry to hear that Tooliebell. I'm hoping for you. Maybe you can find another lender outside of FHA. If you can try for USDA or a land loan of some type, those may be options.

[PixieQueen80]

Tooliebelle - Soooo sorry to hear about this latest occurance. 

[Tooliebell]

We can't do USDA because we have ownership in another home currently.  Guess on the upside I have to remember, I do have a home and it is mine.  The new house was an upgrade.  We just need to continue to save and maybe we can get a conventional.  It has been on the market for years, I am sure it will be there when we come back!

[lesaheart]

Conventional at 5% is a good option. 

[Anonymous]

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@Tooliebell wrote:

Well our loan has been denied by the underwriter due to the farmland.  It was ONE line in the 29 page appraisal.  My LO said her parents refinanced with them, had 4 acres of their ten in crops, the appraiser didn't mention it so it wasn't an issue! 

So mad! So Mad! SO MAD!  I just spent $435 on a pipe dream.  I don't understand why my realtor or the seller's realtor didn't see this as a problem. I was hoping to find another lender with a less strict underwriter (if that is possible), but my LO said this appraisal will get logged into the system with the denial reason being due to farmland on subject property and that will hold up other FHA lenders too.

Now I just hope I get my $1000 back!

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I've been following your journey on here Tooliebell and I'm so sorry that it did not work out for you.  If you had a financing/appraisal contingency in your contract, then I don't see it being a problem getting your deposit back.  At least now you can move forward with whatever you decide to do and you don't have to agonize over will they or wont' they.  All the best to you Tooliebell.

[Anonymous]

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@Tooliebell wrote:

Well our loan has been denied by the underwriter due to the farmland.  It was ONE line in the 29 page appraisal.  My LO said her parents refinanced with them, had 4 acres of their ten in crops, the appraiser didn't mention it so it wasn't an issue! 

So mad! So Mad! SO MAD!  I just spent $435 on a pipe dream.  I don't understand why my realtor or the seller's realtor didn't see this as a problem. I was hoping to find another lender with a less strict underwriter (if that is possible), but my LO said this appraisal will get logged into the system with the denial reason being due to farmland on subject property and that will hold up other FHA lenders too.

Now I just hope I get my $1000 back!

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Oh no, that is not good news.   Conventional sounds like your only route.  Even if you didnt own another home, USDA doesnt allow that many acres.  Doesnt make sense since its a rural loan, but thats a different story.

Well, at least you have a home to fall back on.  How far are you from saving 5% needed for a conventional for that house?

[Anonymous]

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@incognitony wrote:

Appraisal and underwriting cleared. Sent to closing yesterday. Hoping for tomorrow ... can't take another weekend.

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Congrats!  Sounds like you're almost done.  I am always jealous when people close.  I feel like Ill be in buying limbo forever.