Looking to refinance out of FHA and into Conventional...

[Steve DellaPelle]

I have owned my 4-family for only 6 months but there has been a huge upswing in appreciation in my area. I put 5% down using FHA and I am now thinking about refinancing into conventional to get rid of PMI and re-use FHA again in the near future (1-3 years).

My question is, if I pay for an appraiser to come out and give me a market value on my property, can I use that number and report with a bank or will the bank want a separate appraisal done?

I believe that after my winter/spring renovations are finished and once my rents are bumped up a bit I will be at or around the 20% equity mark and my income on paper will look great.

Thanks!

[Hillary Gries]

While appraisers do need to include actives/pendings in their report, a sold comparable will carry primary weight.