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Updated about 6 years ago on .

User Stats

199
Posts
124
Votes
Susan K.
  • Real Estate Agent
  • Palm Beach Gardens, FL
124
Votes |
199
Posts

Lenders appraisal is there a formula they follow to approve loan

Susan K.
  • Real Estate Agent
  • Palm Beach Gardens, FL
Posted

Question for any lender/underwriter:

If someone is getting a conventional loan, (borrowing 80% for example) if the appraisal comes back less than the contracted price, but hits at least the 80% mark would this get approved by underwriting?  Is there a formula they follow that you need to hit above a certain % of the amount borrowed to get approved?

I hope my question makes sense.  Thanks