No. An appraisal would be needed for most purchases and refinances, however recently the gov agencies Fannie and Freddie have an internal algorithm that determines if a property can have an inspection waiver which lenders like us can use in lieu of an appraisal. - Michael Rappaport Branch Manager United Mortgage Charleston 843 -256-4403
I agree with Michael, you will need an appraisal. Normally properties in Greenville appraise for Tax Value or higher. Because of the "storm" there will likely need to be a visual review of the property. We offer renovation loans at 90% if that's something you are interested in.
No, tax value is not used...an appraisal or if fortunate if automated approval excepts the value then appraisal may be waived.
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