The second appraisal must be included within the binder if there is a 5% value difference. Sounds like the lender is trying to get a second appraisal and only wants to inform H.U.D. if they agree. The second appraisal is required if the property is in a decling market. Are they going to keep ordering 2nd until they get what they want.
Second, according to data from Bright. While VA loans have a zero down payment option and FHA loans require only 3.5 percent as a down payment, both loans have a condition appraisal feature because.
a note to brokers reminding them of the 4/18 appraisal requirements on FHA Loans with Case Numbers six or more months old, and requirements for submitting compliant TIL’s for various broker types.
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A second appraisal is required. FHA will not allow the buyer to pay for the second appraisal. Here is a second appraisal example. For example, an investor purchased a property for $50,000 and sells it for $100,000.
HUD 4000.1 spells out the rules for FHA appraisals including "second appraisal" requirements. They include the following: "The Mortgagee is prohibited from ordering an additional appraisal to achieve an increase in value for the Property and/or the elimination or reduction of deficiencies and/or repairs required.