Even as this market is changing, home appraisals do come in short at times- which means the difference between what the contract is and the appraisal has a gap . In other words, the appraised value is lower than the contract price. When this happens, there are several options. 1. You can negotiate with the seller to lower the price. 2. You can pay the difference out of pocket, or 3. You can change the loan to value of the loan, and borrower more money. Now this final option is not always possible. If you are putting 3-5% down as it is, there is no room to borrow more. However, if your original down payment is 20%, for example, we can change it to a 5 or 10% down loan, and that will absorb any extra monies needed. The main point here is, when the appraisal comes in short, there are options.

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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497

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