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Loan Amount Change
What will cause a change in the amount of the loan payments on a fixed-rate loan?
A change in loan amount happens when the home you are buying or the home you are refinancing does not appraise out. The mortgage loan amount a mortgage lender will give you is based on the appraised value of your property. If you are purchasing a property for $100,000 on a FHA loan, the maximum loan amount a mortgage lender will give you is $96,500 and you are required to put down 3.5% down payment based on the $100,000 purchase price. However, if your property that you are buying only appraises out at $90,000, your loan amount will change to 96.5% of the $90,000 appraised value of $90,000.


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