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Old 06-11-2015, 06:09 PM
 
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I am trying to get a simple fixed rate re-fi for my manufactured home....the appraisal came in at $280K.. The appraiser had adjustments on the coparables from 39% to 59%. I live in a rural farming community with few sales. My thought is the recent down turn in the housing market has an effect also. So what are my options if the lender is scared to use the appraisal to secure a Fannie Mae?? I saw the terms "appraisal waiver", is that a viable option?
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Old 06-12-2015, 09:01 AM
 
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What recent downturn in the market? The market is hot as ever here!. Also, adjustments from 39-50% seems to indicate there is nothing comparable about these houses. My appraisal showed about a 10% swing either direction from my house, and that was with an expanded search due to lack of nearby comps.

ETA: appraisal waiver would be between you and the seller typically. It means the house wouldn't need to appraise at the price it was sold for. The bank will not give a loan on a house unless they can verify it is worth the price - and rightly so.
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Old 06-12-2015, 12:03 PM
 
3,323 posts, read 7,274,182 times
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Quote:
Originally Posted by WidowTrucker View Post
I am trying to get a simple fixed rate re-fi for my manufactured home....the appraisal came in at $280K.. The appraiser had adjustments on the coparables from 39% to 59%. I live in a rural farming community with few sales. My thought is the recent down turn in the housing market has an effect also. So what are my options if the lender is scared to use the appraisal to secure a Fannie Mae?? I saw the terms "appraisal waiver", is that a viable option?
Appraisal waiver is likely not an option on a manny. Short of posting the appraisal, it's tough to determine the root issue. Bank may be accurate, or may be over-cautious. Who is the lender? Are you sure it's a conventional refi? They may simply want more comps and better support, but they also may cut value.
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Old 06-13-2015, 07:47 AM
 
7,672 posts, read 9,358,434 times
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Are you trying to do a cash out or trying remove PMI refi? If it's a straight refi, look into the different types that won't be so heavily dependent on appraisals.
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