Updated almost 4 years ago on . Most recent reply
Low FHA appraisal for multifamily property
Hello! I am in the process of purchasing my first multifamily home (a triplex) and planning to house hack. The property was appraised for 950K in June of 2020. It was on the market for a while, so I was able to have an offer accepted of 689K. The appraisal for the FHA loan just came back at 690K. A big factor in my decision to purchase this property initially was that I would be starting out with a good amount of equity. Is it common for FHA appraisals to come back lower at sale? I am hoping to refinance and pull out equity in a year and am worried this appraisal may impact that. Thank you!