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What is an Appraisal Waiver and Can I Get One?
Manage episode 331975815 series 2637004
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You can get an appraisal waiver and you can have an appraisal waiver. I wanna give everyone an appraisal waiver. It just doesn't quite work like that. Of course, there's a lot of talk about getting appraisal waivers, especially in a competitive market like today. So what is an appraisal waiver and what do you get to do once you have one? An appraisal waiver is something that's given by an automated underwriting system by Fannie Mae or Freddie Mac. So that implies that you can only get an appraisal waiver on a conventional loan. And that's true. You can't get an appraisal waiver on a jumbo loan, an FHA loan or a VA loan, but if you are putting 20% down or more on a primary home purchase and you have a good credit profile, there's a possibility that you could get an appraisal waiver. It also is dependent on the property that home needs to be in either Fannie Mae or Freddie Mac database, meaning that maybe the current seller or a previous homeowner of that home had gotten a conventional loan.
So if you're going out and you're purchasing a primary home and you want to know more about how appraisals appraisal waivers work and how you can get one, then you need to give me a call. We'd not only love to go to work for you. We'd love to put you in the most competitive position you can be when putting in your offer.
Nicole Rueth, SVP
The Rueth Team
750 W Hampden Avenue, Suite 500
Englewood, CO 80110
303-214-6393
www.TheRuethTeam.com
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Nicole Rueth (NMLS 239840) is licensed to practice on behalf of OneTrust Home Loans (NMLS 46375) in the states listed below. For full compliance verbiage, visit theruethteam.com/compliance/.
AZ, CA, CO, FL, ID, IL, IN, KS, MI, MN, MS, MO, MT, NE, NM, NC, OK, OR, TN, TX, UT, VA, WA, WI, WY.
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