What is an Appraisal Waiver?
An Appraisal Waiver is when you qualify to skip the appraisal process when obtaining a mortgage.
Why is this a big deal when putting in an offer to buy a new home?
It tells the seller that there is no risk of the home appraising lower than your offer price by taking the appraisal out of the equation. Here at Northeast Financial, we will run your offer through our systems to see if you can obtain one of these waivers prior to putting it in front of the sellers. This is a big reason so many new homebuyers use our VERIFIED Pre-Approvals to go along with their offer.
There are several factors that go into obtaining an appraisal waiver.
Here is a list of some of the common traits that borrowers obtaining appraisal waivers have in common:
- Strong Credit History
- Strong Down Payment – Usually 15% or more down
- The Offer Price is supported by recent area home sales
- The borrower is qualified for Conforming Conventional Loan Financing – Not currently available for FHA, VA, USDA, or other Non-QM products.
What does this mean for you?
- Eliminate the worry of a low appraised value
- Ensure the seller that the value is locked in and approved at the time of offer
- Save hundreds of dollars on the appraisal fee
- Close faster, usually in 20 days or less
Note: Appraisal Waivers are also available for refinancing. Call us now to learn more…
