This is a YouTube video titled "🚨 Appraisal Comes in Higher, Can I Increase Loan Amount? 🚨" containing a single-speaker explanation about mortgage loan calculations and appraisal values, recorded on March 28, 2022. The speaker discusses how appraisal amounts affect loan amounts and government views on down payments.
Let's say for super simple math, you're purchasing a house right at $100,000, doing a 3.5% down payment. So the loan amount would be 96,500. Let's say for super simple math, the appraisal comes in at 1035, an extra 3500 bucks. You're trying to capture that to go towards renovations on the house. Well, if the loan amount's supposed to be 96,500, you add 3.5%. That actually takes you to a $100,000 loan amount, which is equal to the purchase price. The government views that as zero down payment, so they base everything off the lesser of the purchase price or appraisal amount for that reason.
