Posted on: 05th Feb, 2011 02:39 pm
We have purchase agreement to buy 80 acres with '82 dw manufactured home (in good condition), garage and two barns/shops. We are putting 55% down and now lender says home must appraise for min $50,000. Appraisal shows 73,000+ for home, 60,000 for barns, 28,000 for garage. However, she says they will take depreciated value for home, which must be at least $50,000. Otherwise we will have to go with shorter term and higher interest rate. Somehow this seems quite unfair. We have fico of 850+ and no other debt. What are our alternatives? Thank you,
You should go for a second appraisal and find out the value of the property. If the property appraises for a minimum of $50,000, then you'll be able to get a mortgage.