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Fha mortgage question

I am in the middle of purchasing a house for 347500. We have 45000 down. This house is in TOP shape. Absolutely nothing needs to be done. The appraisal came in 5000 under the sale price. The owner is not willing to take the 5000 hit as they aRe going into another home. Can I still get this mortgage or will I have to come up with more money?
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August 19 2012 - Howell
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Yes, you can still complete the purchase because you have the necessary funds. I would ask my agent to research additional comparable properties to determinr if you can have that appraisal reviewed and increased.
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August 19 2012

If you are willing to pay the extra five thousand over the appraised value, you mortgage is fine because you are putting more than the minimum down payment down.  I guess the question I would have is why FHA loan with that kind of down payment.

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August 19 2012
Keep in mind that the FHA appraisal will be valid for 6 months.  That means if the seller doesn't negotiate with you that anyone else buying the home via FHA would still have the same issue.  Make sure your agent makes all parties aware of that.  If it didn't sound like you loved the home so much I would tell you to play hard ball, but that is up to you.  Good luck!
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August 19 2012
You can still put down $45K at the $347,500 price and it would not impact the loan to value by enough to make any difference in mortgage ins. coverage - 86.5 - 88%.  Bottom line is if sales price was reduced by $5K your payment with $45K down would be $23 less monthly vs $5K less net for seller............
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August 19 2012
4 options:
  1. Renegotiate sales price to equal appraisal.
  2. Renegotiate sales price to split the difference.
  3. You pay the difference out of pocket.
  4. You cancel the contract.

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August 19 2012
 
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