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I am doing an FHA loan and I am buying the house for $125.000 putting 3.5% down, what does the home need to appraise for?
The house needs to appraise for the amount you pay for the house. The lender is agreeing to finance a certain percentage of the total price. They will loan 96.5% of your $125k purchase price.
Hi,
Im doing a refinancing but the the bank is lending me only 80% of the appraised value of my home. The appraised value of my home declined so much in 4 years. I need a total of $17,000 in the closing since the value of my home dropped. Is it worth to pay this amount to refinance at this time? The appraised value of my home is $282,00. The bank is lending me $225,000. I have to pay from my pocket $17,000 including closing costs.
Hi,
Im doing a refinancing but the the bank is lending me only 80% of the appraised value of my home. The appraised value of my home declined so much in 4 years. I need a total of $17,000 in the closing since the value of my home dropped. Is it worth to pay this amount to refinance at this time? The appraised value of my home is $282,00. The bank is lending me $225,000. I have to pay from my pocket $17,000 including closing costs.
What's your current balance? You need to determine how much of the $17K is refinance fees versus pay down of your current loan balance. Do you have $17K to bring to the closing? The pay down amount goes toward your debt, not 3rd party so you don't really look at that to determine if it's worth refinancing.
Is it worth to pay this amount to refinance at this time? The appraised value of my home is $282,00. The bank is lending me $225,000. I have to pay from my pocket $17,000 including closing costs.
There is so much information missing. Have you check if your home is owned by Fannie Mae or Freddie Mac?
What is your interest rate now, what will your future interest rate , how much are your fees? How long are you going to be in your current home. When was the appraisal done, are property values rising.
If you want to pay off the loan faster , sometimes it better to not pay fees and just pay that amount toward your mortgage. What kind of loan are you in now 30 year going to another 30 year?
I am doing an FHA loan and I am buying the house for $125.000 putting 3.5% down, what does the home need to appraise for?
The house will need to basically appraise for the rest of the agreed sale price to equal 100% so 96.5% is what the bank will loan. They loan you $120,625 you come up with $4,375 for a total payment of 125,000
Hi we have a appreaprovel for a home loan for 511k but we liked a house that's 540k. How much downpayment would we need to get the house. Our info below:
Purchase Price: $530,000
Loan amount: $511,450
LTV 96.5%
Loan Type/Term: FHA 30 year fixed Interest Rate: 4.375%
Hi we have a appreaprovel for a home loan for 511k but we liked a house that's 540k. How much downpayment would we need to get the house. Our info below:
Purchase Price: $530,000
Loan amount: $511,450
LTV 96.5%
Loan Type/Term: FHA 30 year fixed Interest Rate: 4.375%
Well, hello there.
You seem to mention 540 and 530 as the price?
What county are you buying in? That rate might - might - be .125% thick. I'd like to see the Origination fees.
Hi we have a appreaprovel for a home loan for 511k but we liked a house that's 540k. How much downpayment would we need to get the house. Our info below:
Purchase Price: $530,000
Loan amount: $511,450
LTV 96.5%
Loan Type/Term: FHA 30 year fixed Interest Rate: 4.375%
If you are approved for $511k loan amount, subtract $511 from $540k. Simple math. That's $29k. Am I misunderstanding what you're not understanding about something?
I know this is an old post but if anyone knows the answer, please let me know.
Quote:
Originally Posted by SmartMoney
There are two considerations in a mortgage loan application: credit and collateral. The weaker one is, the stronger the other must me. The lender always will use the lower of the sales price or the appraised value for all calculations for down payment, underwriting an interest rate. So, if you agree to pay above appraised value, that's between you and the seller. The bank is going with the lesser amount. So, in your example above, you would be requesting a 100% LTV loan, despite the fact you poured 123K into the transaction. Chances are you wouldn't find it and would have to put down antoher $20,850. And even though now you have 143K++ - your rate would be priced as a 5% down loan and would contain the PMI of a 5% down loan.
I am trying to understand the rate being priced as a 5% down payment or perhaps I am misunderstanding this all together?
As the OP said 540k selling price and 123kdown deposit. so if appraised at 521k, then
540k-521k=19k
521k*0.2=104,200
104k+19k=123,200
So with a $123k down deposit, wouldn't that make it LTV 80% and satisfy pricing at 20%.
Could someone show me the math of why only 5% (if have time, then please also explain 100%LTV and where $20,850 came from)
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appraisal vs selling price
