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07-05-2010, 01:30 PM
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704 posts, read 1,992,399 times
Reputation: 96
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my FHA appraisal fee is $495, so........is it a % of the loan amount or the sale amount
or is it different from lender to lender or even based on the type loan?
I was approved on an higher FHA loan last year thru a differrent bank and that appraisal fee happened to be $495.00 too. Coincidence?
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07-05-2010, 01:50 PM
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Location: Laguna Niguel, CA
768 posts, read 4,239,340 times
Reputation: 457
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The appraisal fees are set by the appraiser or appraisal management company. They typically run about $50 higher than a conventional appraisal. It's not determined by a percentage of the sales price. $495 is on the high side, but if it's a hard to appraise property it sounds about right.
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07-05-2010, 01:58 PM
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704 posts, read 1,992,399 times
Reputation: 96
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Quote:
Originally Posted by ShanetheMortgageMan
The appraisal fees are set by the appraiser or appraisal management company. They typically run about $50 higher than a conventional appraisal. It's not determined by a percentage of the sales price. $495 is on the high side, but if it's a hard to appraise property it sounds about right.
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the lender did not even take down the address, so he just handed me the cost estimate sheet and I saw $495.00.
He shocked my real estate agent  by requesting an application fee of at least $350. Then he suggested $509 and he would put this prepaid amount on the line for the appraisal and credit report fee ($495 + $14).
No appraisal then a refund of the $495.00.
This was Wells Fargo #3 and Wells Fargo #1 sent my application to underwriters and only charged the $14.
They never asked for any application fee. 
It may be the loan agent is trying to pull all the strings he can to get approval and me putting $509 upfront helps. He was lender #10 and the only one that got a me a "computer yes" and a letter of approval. The other 9 all said no based on DTI. They all were looking for under 50% and mine after the mortgage was going to be over 50%.
Funny, lender #10 got me approved with a DTI of 54.84%.
Not any "under 50" like the others. |
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07-06-2010, 06:13 PM
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Location: Elsewhere
81,741 posts, read 75,268,037 times
Reputation: 104636
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Mine was $445, also for an FHA. I also went through Wells Fargo, but the appraiser is independent.
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07-06-2010, 06:24 PM
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Location: New York
2,251 posts, read 4,746,249 times
Reputation: 1617
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Quote:
Originally Posted by naeem5
......application fee. |
Any one charging an application fee these days, walk away........
Also $495 for an FHA appraisal is on the high side, average $425. It depends on the appraisal company.
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07-06-2010, 06:24 PM
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Location: East Bay Area
165 posts, read 576,639 times
Reputation: 95
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That sounds about right. FHA appraisals are more than conventional appraisals
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07-07-2010, 12:42 PM
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704 posts, read 1,992,399 times
Reputation: 96
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my agent was furious and tried to stop me, but I had already given the loan officer my credit card number. I'll have to decide after the inspection, if I want to proceed. If not, then the appraisal won't happen and I'll get that $495 refunded. The loan officer said he and I would talk by phone and "agree" that is was time and ok to order the appraisal.
And if I am able to pay cash for the house, then I should-would get a refund of the appraisal fee.
The particular house I got the mortgage for is now offered at $34,900 and my loan approval was for $39,458
Can Fannie Mae offer a house, at a price, it won't appraise to?
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07-07-2010, 03:06 PM
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9,407 posts, read 13,256,382 times
Reputation: 20377
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Our appraisal fee was $495, FHA loan.
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07-07-2010, 03:17 PM
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704 posts, read 1,992,399 times
Reputation: 96
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Quote:
Originally Posted by Djuna
Our appraisal fee was $495, FHA loan.
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ok 3 votes for $495:
my FHA at Wells Fargo ( June 2010)
my FHA at Bank of America ( Sept. 2009)
and Djuna's FHA at .........
ShaneTheMortgageMan has provided me alot of informative and accurate info so.....his comment is worthy of accuracy.
I guess there are enough different people involved to keep the appraisal fees in some range like $425 or lower, to $495.
One of these days they'll all move that range up. |
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07-08-2010, 07:28 PM
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Location: OK
2,825 posts, read 7,238,198 times
Reputation: 2053
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Quote:
Originally Posted by naeem5
ok 3 votes for $495:
my FHA at Wells Fargo ( June 2010)
my FHA at Bank of America ( Sept. 2009)
and Djuna's FHA at .........
ShaneTheMortgageMan has provided me alot of informative and accurate info so.....his comment is worthy of accuracy.
I guess there are enough different people involved to keep the appraisal fees in some range like $425 or lower, to $495.
One of these days they'll all move that range up.
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It is highly unlikely that the appraiser received the full fee. So this is not the appraisal fee, it is actuially 2 different fees: the appraisal fee and the AMC's admin fee. Based on the lenders you have listed I am willing to bet that the appraiser saw maybe 50% of that fee. |
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