Great news for families and individuals looking to purchase or refinance a home in Florida!
You may be able to get a free appraisal on your next home purchase or refinance. That could be a savings in your pocket of hundreds of dollars, as home appraisal fees in Florida can range from approximately $250 to $550, depending on the size of the home and other factors.
This is a refreshing development, given the recent string of hurricanes affecting Florida, including Hurricane Irma in 2017. Now that more time has passed since the hurricane aftermath, Fannie Mae and Freddie Mac have essentially loosened their guidelines to allow Florida properties to be eligible again for the appraisal waiver (or “property inspection waiver”).
What transactions are eligible for the appraisal waiver?
Under Fannie Mae and Freddie Mac’s guidelines, eligible transactions include:
- One-unit properties, including condominiums
- Purchase transactions:
- Principal residences and second homes up to 80% LTV/CLTV
- Limited cash-out refinance transactions:
- Principal residences and second homes up to 90% LTV/CLTV
- Investment properties up to 75% LTV/CLTV
- Cash-out refinance transactions:
- Principal residences up to 70% LTV/CLTV
- Second homes and investment properties up to 60% LTV/CLTV
For more details or to see if you qualify, please call me at 321-239-2781 or contact me here.