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Can you borrow 90% using the property tax value instead of an appraisal?

by amandavp94786 from Greenville, South Carolina. Sep 20th 2018 Reply


Michael Rappaport (mrappaport@unitedmortgage.com)
#55 ranked lender in South Carolina - 13 contributions

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

Sep 20th 2018
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Steve and Eleanor Thorne (Eleanor Thorne)
#1 ranked lender in North Carolina - 27 contributions

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.

Sep 20th 2018
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My husband and I need to refinance for debt consolidation but we are still renovating and have a few unfinished projects

Sep 20th 2018
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Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions

No, tax value is not used...an appraisal or if fortunate if automated approval excepts the value then appraisal may be waived.

Sep 21st 2018
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