Apprasial (appraisal, lender, requirements, repairs)

[srdwms]

Had an apprasial for refinance..Came back with allot of repairs..This was a Fannie mae/Freddie mac refinance...Couldnt afford all those repairs...So that was for nothing...On apprasial it says meets Hud/Fha requirements...I need some advice..Does that mean I can get a Fha loan...Thanks.

[2bindenver]

Talk to your lender about the appraisal. If you cannot afford a lot of repairs, maybe you should find a different house?

[Jkgourmet]

Originally Posted by 2bindenver

Talk to your lender about the appraisal. If you cannot afford a lot of repairs, maybe you should find a different house?

He's trying to do a refi. He already has the house.

But yes, talk to the lender.

[ETex2]

The appraiser might be saying that the appraisal itself was written to meet those requirements. Not necessarily that the house meets the requirements in its present condition.

[cully]

You can refinance with FHA203k and roll the costs of repairs into the loan. I found this as a handy way of explaining it:

Using the FHA 203k for Existing Homeowner Renovation Projects

[srdwms]

Thanks to everybody..