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Does the appraisal on a new purchase need to come in at the offer price?

When purchasing a new home, with an FHA loan, does the appraisal need to come in at the offer price? Or does it need to come in at the amount lended (after the down payment is subtracted from the offer price)?

Thanks
  • August 24 2013 - Grayslake
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Answers (4)

Ideally the appraisal will come in at the purchase price or very close to it. Otherwise the deal may need to be renegotiated or canceled.
  • August 26 2013
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It needs to meet the contract price. Ask your lender
  • August 24 2013
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Yes it should come in st the asking price on the contract.  The lesser of the contract price or the appraised value is what the financing is based off.  If it comes in low you can make up the difference of the contract price or renegotiate the contract down.
  • August 24 2013
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The purchase price or more is ideally what it should appraise for.
  • August 24 2013
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