First-time home buyer curious about FHA loan and Short Sales????Im very new at this, being a nervous first-time home buyer at 21! Anyway, I started looking at homes back in October. I finally found the perfect home for me priced at 69,900 but turned out to be a short sale (only downfall i guess). Well Its now Jan 14th and I finally got word from my agent. She said the appraisal came back at 78,000. My lender informed me that my payment would be around 663 including association and what not and my down payment would be around 2730. which to me isnt bad. Anywho, I have a couple questions now! First and foremost, I have about 1500 in my bank acct. Im gonna be getting my student loan tomorrow for 5000. Will that be a problem at all? 2. Seller agreed to pay 2.5% closing cost so is the 2730 plus inspections all i would pay? if not what else? 3. Once i sign the addendum saying i agree, if i agree, to the 78000, how much longer will it take for me to close?? 4. Can I request another appraisal if i think it might be overpriced?umm.. i think thats it for now.. and im sorry if my questions seem a little dumb or whatnot.. I would really appreciate your answers. THANK YOUJanuary 14 2010 - Sparks00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.