Refinance appraisal vs purchase appraisal
[PDF File]TILA Higher-Priced Mortgage Loans (HPML) Appraisal Rule ...
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TILA Higher-Priced Mortgage Loans (HPML) Appraisal Rule . 2 ... o certain types of refinance products commonly referred to as streamlined refinances, and ... with five other federal regulatory agencies, is adopting a new rule, the Higher-Priced Mortgage Loans (HPML) Appraisal Rule. The …
[PDF File]Chapter 8. Borrower Fees and Charges and the VA Funding ...
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• An appraisal is completed on a property and paid for by a prospective purchaser, but the sale is never completed. A second purchaser applies for a loan before the validity period of the Notice of Value (NOV) expires. The lender uses the same NOV. The lender may not charge the second purchaser an appraisal fee if no second appraisal is ordered.
[PDF File]Loan-to-Value and Combined Loan-to-Value Mortgage …
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Streamlined Refinance (FHA-to-FHA) WITH Appraisal Streamlined Refinance (FHA-to-FHA) WITHOUT Appraisal LTV Applied to Appraised Value 1 97.75% 97.75% n/a (New mortgage cannot exceed original principal except by UFMIP) Existing Debt Calculation Existing Debt: Add together the amount of the existing first lien, any purchase money second mortgage ...
[PDF File]Appraisal Waivers Fact Sheet - Fannie Mae
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An appraisal waiver provides a no-cost alternative to an appraisal, while eliminating the expense of appraisal-related delays in the origination process. Ease-of-use. To exercise an appraisal waiver offer, lenders simply provide Special Feature Code (SFC) 801 at time of loan delivery to Fannie Mae.
[PDF File]APPRAISALS REQUIRED. EXEMPTIONS EVALUATIONS ARE …
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an appraisal. (6) Certain lease transactions. A lease of real estate is entered into, unless the lease is the economic equivalent of a purchase or sale of the leased real estate. Operating leases, which are not equivalent to the purchase or sale of the leased property, do not require Title XI appraisals. (This exemption is unchanged.)
[PDF File]Section B. Maximum Mortgage Amounts on No Cash …
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1. No Cash Out Refinance Transactions With an Appraisal, Continued 4155.1 3.B.1.b Calculating the Existing Debt on a No Cash Out Refinance With an Appraisal (continued) Step Action 3 Add the following to the existing first mortgage amount: any purchase money second mortgage any junior liens over 12 months old closing costs
[PDF File]Loan Prospector's Property Inspection Alternative
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Purchase and no cash - out refinance • Relief from representations and warranties regarding value, condition and marketability for eligible mortgages • Choose from no-appraisal option or Form 2070 option Looking for More Loan Prospector Features? Visit www.LoanProspector.com for more information on: • Flexible Merged Credit Report Options
How Much Is That Home Really Worth?
buyer reaches a purchase agreement to buy a house for $100,000. The buyer has $20,000 with which to make a down payment, so she just qualifies for the lowest interest rate, borrow-ing $80,000. However, suppose the appraisal comes in at $95,000. In calculating …
[PDF File]Residential Appraisal Guide - Utah
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appraisal, the importance of appraiser independence, and how to proceed if you feel that a correction needs to be made to your appraisal report. You may have recently entered into an agreement to purchase a residential property or you may have completed a loan application to refinance your home. Lenders are required to obtain an appraisal,
[PDF File]Appraisal and Property-Related
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Appraisal and Property-Related Frequently Asked Questions (FAQs) ... borrower(s) on the refinance transaction. Q16. Will Fannie Mae purchase loans with outstanding repair or completion escrows on an existing property? Yes, as long as the items for which the escrows were established are reflected in the appraiser’s opinion ...
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