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FIRST TIME HOME BUYER

first time home buyer qualified for rural development loan with very good credit next step get the house apprised it came back with NO comparable! Home is less then 1/2 of his per qualifying amount of loan. I am looking for someone who will finance a home that has no comparable or do what it takes to apprise the home in order to be purchased  When I spoke to USDA he should be able to get up to 125% of the value  :The mortgage company picks the appraiser so how do you get them to use the method of ;  what it would cost to build and the years for deprecated value?   It is a 1 bed 1 bath 1726sq.ft. on 2.5 acres ( access to upstairs is not included if it were it would be 2053sq.ft)   it apprised but has no comparable so the mortgage comp said they cannot do a 30 year fixed rate they offered a 3 year balloon   
  • August 15 2012 - Breaux Bridge
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Answers (3)

Profile picture for B Mike West
Find another lender who does USDA loans. 
  • August 15 2012
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Profile picture for Ofe Polack
First I think that you should find a buyer agent who can explain the process.  The appraisal consists of identifying comparables, if there are no comparables there will be no appraisal.  Talk to other lenders beside USDA-Rural Development.  You may need to look for another property.
  • August 15 2012
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Unfortunately there are some sales that won't happen due to this problem.  If the professional appraiser can't adjust the appraisal for the bank to approve things then many times the offer becomes null and void.  They usually do their very best to do whatever it is the bank is asking for but it's a common problem.
  • August 16 2012
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