binga_4980
New member
I'm a first-time home buyer. I know you want the property to appraise for the asking price or more. Is there ever such thing as too high of an appraisal when getting a mortgage? I'm doing a guaranteed USDA loan. I had to use one of their approved appraisers. My mortgage officer told me it was rare that a home is valued much more than the purchase price because the USDA likes the price to come in very near the purchase price.
The appraisal was 25% over asking . . . Is the USDA going to take issue with this? I mean for my personal worth this is a great thing, but I'm worried they aren't going to like the appraisal.
Also, would this be considered instant equity? Ideally I'd like to take out an equity loan that is about 5% of the appraised value of the home to pay off unsecured credit. My mortgage broker said no way, but that was before the high appraisal.
The appraisal was 25% over asking . . . Is the USDA going to take issue with this? I mean for my personal worth this is a great thing, but I'm worried they aren't going to like the appraisal.
Also, would this be considered instant equity? Ideally I'd like to take out an equity loan that is about 5% of the appraised value of the home to pay off unsecured credit. My mortgage broker said no way, but that was before the high appraisal.