All Forum Posts by: Heather Andrews

@Jay Hurst that was something I was considering as well. I'm just frustrated because all the comps support my property meeting self sufficiency, so I don't feel like I should be forced into a conventional at this point. It seems like there isn't a way to challenge it, and it just feels wrong. Thanks again! I appreciate any angle of approach. 

@Jay Hurst thank you!!

@Jay Hurst I'm under contract for a 3 family. Trying to use an FHA loan. The appraisal came in and the home value was spot on- exactly what I am paying for it.

But the appraiser is estimating my rents very low. Rents in the area are higher (even with less square footage and less bedrooms). My LO provided other comps. But the comps listed in his appraisal are still higher than what he quoted for me. And all other info is the same (building condition, neighborhood etc). In fact, my property is about 30% younger than the ones getting higher rents as well. 

He has a 3BR at 967sqft showing $1850/m in my neighborhood. He is estimating my rents will also be $1850/m. All of my units are 4BR with 1675sqft! 

I am not sure how he can have examples of other properties getting higher rents, but estimate mine so low. The fact that I can't question it is very confusing as well. 

It's the difference between me putting down around $29k vs $150k. 

Any advice/thoughts will be greatly appreciated!!

Hi! I'm running into the same issue now. Just wondering if you were ever able to resolve this? The comps being used in my appraisal are higher than what the appraiser is estimating mine should be. I just don't think it's ethical to not b able to have his estimate questioned. I'm being told there's nothing that can be done. 

Thanks! 

Thanks for the info! 

1- I would need the monthly rate to be $2100 ideally, but could get away with only having to put 10% down if the appraiser would do an adjustment and list each unit at $2000. My LO did look into the insurance rates/buy down options, but the numbers still didn't work.

2- Yew, new comps were provided. Some things that were mentioned is that "the market doesn't support an adjustment for 3 vs. 4 BR" but when looking at current rents that is not what we're seeing. But again, the comps he used were all higher than what he estimated for mine. I guess that is where I am getting confused. 

These are all legal, 4BR units. 

Thanks again!

I'm currently in the process of house hacking my first investment property. I'm trying to use FHA to put down the least amount possible.

My appraisal came back and everything was good except for the Self Sufficiency rule. 

The appraiser is quoting estimated rents for my property pretty low, even when looking at HUD as well as the comps the appraiser used.

I have a 3 family. Each until is 1675 sqft with 4BR, 1B. He is estimating rents for each unit at $1850/m. 

When looking at fair market value in my zip code on HUD, 4BR are $1932 for 2022, jumping to $2,255 next year.

I'm also very confused because ALL of the comparable rentals he used in his report are getting higher monthly rents than what he quoted for mine. 

The comps he used for 4BR range from $1900-$2100/m. A 3BR getting $1965/m. 

They ALL have less square footage and some less bedrooms. All other data is the same, as far as building condition, area/neighborhood etc. 
The only comp that matches my estimate at $1850 is a 3BR 1 bath at 967 sqft. Again, my units are 4BR 1 bath at 1675 sqft. 

This will force me to put down $138,000 instead of around $28,000! 

I am being told there is "nothing that can be done" Despite my loan officer and real estate agent trying to get adjustments. 

Does anyone know if I can file a dispute, or should I get in contact with a lawyer? I feel like the appraisers estimate isn't making much sense and he is not willing to discuss it or explain it in more detail. 

Thanks!!