Made an offer on a house that had an FHA appraisal last month. The value came back at $130k. I know FHA appraised values stay with the property for six months. Since I am using USDA guaranteed financing, would the FHA appraised value have any effect on the value determined by my lender's appraiser? So if the house appraised higher or lower than $130k, would my lender be required to use $130k, or could they use the value determined by their appraiser?
I don't think USDA will know about the FHA appraisal. The reason they get "stuck" to the property is because of the FHA case number that is created when the application is being processed and appraisal being ordered.
USDA doesn't work that way.
Ok, cool. Thanks for your input!