What is an Appraisal Waiver?
An appraisal waiver means your loan doesn’t require an appraisal. To be eligible for a waiver, you must put at least 10% down and represent a low risk of default.
Waivers come from an automated underwriting system that compares your purchase price to millions of appraisal reports already on file. The system grants a waiver if it has enough information about the property and area, and an algorithm determines the price is reasonable.
No waiver means no worries about a low appraisal. We can close more quickly, and you save the cost. We’re always happy to see a waiver!
In addition to our glossary, we have a library of downloadable PDFs that cover appraisals, appraisal contingency, and other mortgage fundamentals.
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