Profile picture for classylady6611

I am applying for an FHA mortgage,my lender says the Appraisal fee is $465.00 Does that sound right?

I know the appraisal fee's went up since they now have to used the centralized system, but $465.00 seems high to me.  FHA allows reasonable and customary charges for the Appraisal fee. Does anyone know if this price is reasonable and customar?  Thanks
  • August 17 2009 - Louisville
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Answers (15)

fvoom, did your home appraise for a higher value than your assessed value? If so, it sounds like you think that is a bad thing, it's not.
  • July 14 2010
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Profile picture for fvoom
yes, I just paid 395.00, watch out you will be in a shock once they tell you your house worth. It may be more than the city appraised for taxes.

  • July 14 2010
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The appraisal management we are currently using charges $309 for a FHA appraisal in Jefferson County.

  • July 14 2010
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Profile picture for agentblu15
The appraisal itself, if it came straight from the appraiser, could potentially be as low as $200.  However, because of HVCC rules and the middlemen involved (the bank and the management company), the markup usually takes the fee to somewhere between $400-$500, as others have stated.  This can also be impacted by the location of the property (rural areas tend to be more), the complexity of the assignment (unusual, high value, or multifamily properties tend to be more), which management company your lender uses, and how much of a cut your lender takes.

I've seen appraisal fees for high value, rural acreage properties and unusual properties like geodesic dome homes and berm homes go as high as $1000-$1200, so it could definitely be a lot worse!
  • September 15 2009
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Profile picture for zastro
Sounds about right.  Paying $440 for appraisal for a 30yr fixed FHA in NYC.  Although it can range between mid to high $300's-$500 dependent on the 3rd party appraiser being utilized by the respective lender.

Good Luck.
  • September 15 2009
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Profile picture for NeedinFHA
Mine was 350$ for a FHA appraisal...The VA would have been 425$ so not sure why yours is a bit more?  Maybe depends on the size of the house as well?
  • September 15 2009
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Profile picture for tgrego
Sounds about right. Please note that you do "own" the apprasial and if you need to switch lenders you take the apprasial with you.

Good luck
Tony
  • September 11 2009
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The Federal Government and Local Governments has instituted many changes over this last year. One of them provides for a centralized system in each State for appraising single and multi family dwellings. This centralization has caused some minor pricing increase to the borrower. It is necessary to know that no matter how much that fee is for appraising your property, the lender must pass on to you without any mark up that same price he has paid out for the appraisal and as well, you can receive a copy of the invoice for the appraisal to confirm the fee.
  • August 18 2009
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$465 doesn't seem out of line.  I've seen them as high as $500.  Good Luck!
  • August 18 2009
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FHA appraisals typically range from $400 - $500, but could be different for your area. Also, you didn't state if this was for a single family home or a multi-family home (2-, 3-, or 4-units). FHA appraisals for single family homes are usually around $400, while appraisals for multi-family homes are typically around $500. Lenders can not "overcharge" or mark-up the appraisals.
  • August 17 2009
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Profile picture for SunTrust
If you check the auto -quotes; a lot of them seem to have found appraisers that only charge $200. (tongue-in-cheek)

$400 to $500 is about the normnal range. FHA doesn't allow overcharging of appraisals, so in the end you'll only be charges straight off the bill from the appraiser.
  • August 17 2009
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Profile picture for Voyage Home Loans
$465.00 is a little high but it depends on the lender they are going through. FHA appraisals run between $350-$500. If it's a rural property or a bigger home they could charge a little more for an appraisal.
  • August 17 2009
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Profile picture for Lindsey M. Bishop
I see FHA appraisals cost up to $475 in some counties.
  • August 17 2009
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Yes, this is within the current price range of $400.00 - $500.00 for FHA Appraisal.
  • August 17 2009
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$425 aappears to be the minimum. $465 does not appear to be out of line. You're paying for. Ask for a receipt. This will also appear on your GFE and Closing Statement. ... Best wishes, Rudi
  • August 17 2009
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