Appraisal came back very low!

[Gilbert Lugo]

Hi, I'm currently in the middle of my second attempt at refinancing out of my FHA but seems as if it has gone south with a low appraisal. I've been trying to free up my FHA in order to be able to use it on a larger property in the near future. A few weeks ago I tried to refi with a recommended lender but it did not work out since the lender would only lend on 75% LTV and I needed the property to appraise at $210k but it came in at $200 which meant I would have to come out of pocket $7k and a 4.8 interest rate compared to my 3.9 in order to convert to a conventional. This did not work for me.

My current lender reached out and said they could beat the previous offer with an 80% LTV and a 4.25 rate if the property appraised at or above $200k it would cover all closing costs and nothing out of my pocket.

I was not too worried since a few weeks ago (6/17/19) it appraised at $200k. Today when I got the appraisal report it came back at $176,000. Talk about off! 

Please help! Is there anything that I can do to challenge this appraisal? 

Thank you in advance for your help and support