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Appraisal Requirements |
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Appraisal Requirements |
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| • | All appraisals must be completed by a HUD approved appraiser |
| • | A 2nd appraisal will be required if: |
| o | Property is located in DU®/FHA TOTAL Scorecard or appraiser designated soft market, w/ loan amount $417,000 and LTV ≥ 95%; or |
| o | Purchase or no cash out refinance ≥ 95% LTV |
| o | Loan is a Cash-Out Refinance >85% LTV (regardless of loan amount or location.) |
| • | When required, the Underwriter will add a Prior to Close Condition on the U/W Approval indicating the requirement for a 2nd appraisal. |
| • | The 2nd appraisal must be ordered from a different HUD-approved appraiser; If the value of the land 2nd appraisal is more than 5% below the original appraisal, the lesser value must be used. |
| • | The 2nd appraisal will be ordered by GMG representative and payable on the HUD-1 by the borrower. |