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I am in the process of refinancing my home. I am going

through Quicken Loans with a...
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?
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Answered in 1 minute by:
9/21/2017
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,280
Experience: Texas Attorney for 30 years dealing in real estate
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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.

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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.

If you can positive rate 5 stars it is much appreciated.

Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,280
Experience: Texas Attorney for 30 years dealing in real estate
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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