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FHA VERSUS VA APPRAISAL

We are under contract on a brand new home in a new subdivision. We were the first to go under contract and using VA the VA initial appraisal came back low at $97000 because there were no other comps of newly built homes. Now other FHA appraisals are coming in at or above asking on the same model home in the subdivision. How can VA appraise at one price and FHA appraises at or higher for the same house in the same subdivision? We have no idea what to do please help.
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January 13 - Rex
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Answers (2)

Appraisals make or break deals everyday. You aren't the first one to have this happen and sure won't be the last. Sometimes you get a crappy appraiser and they can single handidly foul up the transaction. I suggest you do what Jason suggested and see if other homes have sold since. Have you lender message the VA appraisal board with the new comps and hopefully get the price adjusted.

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January 18
Hey Rex, I guess the easy answer is.....there shouldn't be any difference in the value of the home.....no matter which Loan product you're utilizing.  Your Lender has to order that appraisal thru the VA website just like the rest of us do.  The only thing I'm wondering here is......since your VA Appraiser came out for their inspection, have there been some homes that have actually sold?  If so, the new appraisals would have better comps to work with than your appraiser did.  You know, it's possible that there were a few cash sales that happened after your appraisal was complete.  Maybe those buyers paid a premium for the home due to some additional amenities and simply didn't care about an appraisal......driving up values after your appraisal was complete.  I had this happen once on a Rural Development Loan.  I know this doesn't really answer your question.....but maybe it'll give you some ideas of how your appraisal came in lower than some did after yours. 
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January 13
 
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