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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42894
Experience:  Texas Attorney for 30 years dealing in real estate
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I am in the process of refinancing my home. I am going

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I am in the process of refinancing my home. I am going through Quicken Loans with a FHA 30 year fixed rate. My loan amount is 76,000. My appraisal of my home came back today as 70,000. Is this going to be a problem?

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Yes they aren't going to loan you more than it appraises for.You can shop another lender but these guys are low to what you need.I would suggest trying another lender and another appraisal unless you can live with $70k.I am not sure if you are trying to borrow extra funds of this is whats owed but it is a problem. You need to keep shopping for a higher appraisal and another lender.

I appreciate the chance to help I wish you the best here.

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