A couple’s offer was accepted out of 12 other offers, which was surprising because they were only putting 3.5% down with an FHA insured loan. If the appraisal comes in $15,000 less than the agreed amount, which of the following would be acceptable to the FHA? Giving the improvements more value and adding money to the appraisal Making sure the loan is not insured because of the lower appraisal Allowing the buyers time to find a property closer to their approved loan amount Paying the $15,000 difference between contract and appraisal value in escrow
A couple’s offer was accepted out of 12 other offers, which was surprising because they were only putting 3.5% down with an FHA insured loan. If the appraisal comes in $15,000 less than the agreed amount, which of the following would be acceptable to the FHA? Giving the improvements more value and adding money to the appraisal Making sure the loan is not insured because of the lower appraisal Allowing the buyers time to find a property closer to their approved loan amount Paying the $15,000 difference between contract and appraisal value in escrow
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Concept explainers
Question
A couple’s offer was accepted out of 12 other offers, which was surprising because they were only putting 3.5% down with an FHA insured loan. If the appraisal comes in $15,000 less than the agreed amount, which of the following would be acceptable to the FHA?
Giving the improvements more value and adding money to the appraisal
Making sure the loan is not insured because of the lower appraisal
Allowing the buyers time to find a property closer to their approved loan amount
Paying the $15,000 difference between contract and appraisal value in escrow
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education