The purchase market is very fast due to so many offers sellers are getting which increases the competition for buyers. One question I get is “does the borrower qualify for an appraisal waiver?”
The answer is: don’t count on it.
According to Fannie Mae it begins with the property as they say “For an appraisal waiver to be considered, generally a prior appraisal must be found for the subject property in Fannie Mae’s Collateral Underwriter data.” The eligible purchase transaction types are principal residences and second homes with at least 20% down.
Lastly, Fannie Mae goes on to say, “The majority of transactions will not receive an appraisal waiver offer, which means they will require an appraisal by a qualified residential appraiser to establish the market value.”
If you have questions about appraisal waivers or need help with financing, call or text Mike Stoffer (NMLS# 373858) of Stoffer Mortgage at (330) 936-2312.
