Appraisal Help with a FHA Loan on a New Mortgage?

I applied for a FHA home loan on 2/4/08 with Bank of America, they denied me because I had a medical collection on my report for $233, and my score was a 610. I have had the same job for 7 years. Anyways, it took them untill 2/11/08 to tell me no, but they ordered an FHA Appraisal on the home I am buying on 2/09/08, and it was Appraised on 2/10/08. The home I am buying is 15k below the appraised value and has no issues that need to be adressed acording to the FHA Appraiser. I went to a Mortgage Broker today and got approved for a Mortgage with them no problem. My officer said he was going to call Bank of America and see if they will let us have the appraisal they did on the home. I did not pay anything up front for the appraisal, it was going to be rolled into my closing. My good faith estimate for the loan with the new mortgage company rolled in a appraisal fee into closing also, but my broker said I may have to pay Bank of America to release that appraisal. What is yalls opinion?

Appraisal Help with a FHA Loan on a New Mortgage?

B of A paid for the appraisal so it is theirs. They will likley not release it without being paid for it, and they can do that. I am not sure why you want it if it came in less than your purchase price anyway. Just have a new one done. You%26#039;re going to have to pay anyway (usually about $300).

Appraisal Help with a FHA Loan on a New Mortgage?

Here is the deal:

You were denied under FHA underwriting guidelines b/c you can%26#039;t have any adverse credit in the last 12 months. The new loan officer was able to put you under a differnet program b/c most Fannie Mae programs will allow collections to go up to $5,000 as long as no SINGLE collection exceeds $1,000.

Now, you DO NOT have to pay for that appraisal at Bank of America. Unless they collected the money up front. Your broker is wrong about that.

Keep in mind that the appraiser CANNOT transfer the appraisal from BOA to your new broker. The reason is YOU don%26#039;t own the appraisal....BOA does, and snce BOA is the one that ordered it, BOA must release it for transfer and SINCE you didn%26#039;t pay for it....they won%26#039;t.

BOA isn%26#039;t going to charge you for it b/c they should not have ordered the appaisal for something that was an OBVIOUS denial that could have been gathered from your credit report. BOA should pay for that appraisal.

I don%26#039;t understand that since you are not out any money, why can%26#039;t your broker just order another appraisal. That is what I would have done.

PS: Keep in mind that your broker has got you a SUBPRIME loan at a higher rate of interest than what an FHA would have given you. Conforming starts at 620 credit score and you can%26#039;t get it with a 610. If he has quoted you a ridiculously low rate, I would be willing to be it is an ARM, which are very, very bad investments right now.

Appraisal Help with a FHA Loan on a New Mortgage?

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Appraisal Help with a FHA Loan on a New Mortgage?

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Appraisal Help with a FHA Loan on a New Mortgage?

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