Hope someone can help me out there. I have a home i own 195k on. before i purchased it 2 years ago my county asser valued my land with home at 138k. Wwhen i purchased it was appraised at 205k ( that was high end with low at 195k) now this year my county assesed it again and valued it at 205k.
Question one. does a lender appraisal usually go higher than a county assesed value?
#2. What % does FHA lend at? 80 or 90%?
#3. the 31% mortgage to income? is this meaing if the payment is higer than 31% of my income or we wont qualify if my payment is higher than 31% over my income?
I have been told to add 20% to the county assesed value, but seems to give me a huge amount of equity if that is the case. Keeping my fingers crossed as i plan to attempt a Re-Fi in a few years..
any help would be great.
Question one. does a lender appraisal usually go higher than a county assesed value?
#2. What % does FHA lend at? 80 or 90%?
#3. the 31% mortgage to income? is this meaing if the payment is higer than 31% of my income or we wont qualify if my payment is higher than 31% over my income?
I have been told to add 20% to the county assesed value, but seems to give me a huge amount of equity if that is the case. Keeping my fingers crossed as i plan to attempt a Re-Fi in a few years..
any help would be great.
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