An appraisal waiver allows qualified buyers to skip the in-person visit and streamlines the overall appraisal process. Here are some factors you can expect when seeing if you’re eligible for an appraisal waiver:
Must qualify through Fannie Mae or Freddie Mac guidelines
20% minimum down payment
Strong credit score
Must be purchasing or refinancing a single-family home or condo
It is important to note, loans backed by Fannie Mae may receive an inspection-based waiver excluding them from a full appraisal review if Fannie Mae feels the data has been provided by a qualified source and the information provided is thorough. Talk to your lender to discuss waiver options if your loan is backed by Fannie Mae.