An appraisal may not be needed when applying for a mortgage.
How can you get an appraisal waiver?
Generally, an appraisal is needed to get a home loan, but, there are instances where this requirement is waived.
Most home loans are sold to Fannie Mae or Freddie Mac. When underwriting these loans, they are submitted through their software, known respectively as Desktop Originator and Loan Product Advisor. The results determine the documentation needed to approve the loan and whether the property requires an appraisal. It is the algorithms in the software that determines whether an appraisal is needed.
A large down payment by itself may not be enough to get an appraisal waiver. Provide the loan originator with all of the information needed to run a complete application through the software. Then the originator will know whether your loan will qualify for an appraisal waiver.
Do you know if your property qualifies? Contact us and we can help you.
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