Skipping the appraisal can save you time, money, and a fair amount of uncertainty — and it's more available than most borrowers realize. Appraisals are where deals stall: a low valuation, flagged repairs, or a slow scheduling window can derail a purchase or refinance that's otherwise ready to close. If you're buying a HUD home, refinancing an existing FHA loan, or your file qualifies for an automated appraisal waiver, you may be able to close without one.
For more information on no-appraisal financing options, call us at 800-555-2098 or apply online today.
About No Appraisal FHA Mortgage Home Loans
No appraisal FHA mortgages are insured by the Federal Housing Administration (FHA). Because the federal government insures the lender against losses, banks can offer competitive FHA interest rates even on transactions where no appraisal is required. Skipping the appraisal step helps you avoid delays tied to property condition or valuation issues. Ask a Riverbank loan officer how you can be approved for a no-appraisal FHA home loan.
What Homes Qualify for No Appraisal FHA Mortgages
For a purchase, HUD homes are generally the only homes you can buy without a new appraisal, since HUD already owns and values the property as part of its Housing and Urban Development program. For current FHA loan holders, an FHA streamline refinance is the other common path to a no-appraisal transaction — see our FHA Streamline Refinance page for details. Our loan officers at Riverbank are experienced in no-appraisal FHA mortgage services and offer competitive FHA mortgage rates, including:
- Streamline FHA mortgages with no appraisal
- No appraisal FHA mortgages for purchase
- HUD homes with no appraisal required
- No appraisal FHA mortgage loans
Conventional Loans: When Automated Underwriting Waives the Appraisal
No-appraisal financing isn't limited to FHA. Conventional loans run through Fannie Mae's Desktop Underwriter® or Freddie Mac's Loan Product Advisor® can come back with an appraisal waiver — officially a "property inspection waiver" — when the automated underwriting system has enough confidence in the home's value from prior appraisal data, tax records, and market comparables. Waivers show up most often on:
- Rate-and-term or limited cash-out refinances on properties with a recent appraisal on file
- Purchases with a strong down payment and a clean comparable-sales history in the area
- Loans with lower loan-to-value ratios, where the lender's risk exposure is smaller
Because the waiver is issued automatically by the underwriting engine, you won't know if you qualify until we run your file. Ask a Riverbank loan officer to check your conventional mortgage for an appraisal waiver before you budget for one.
VA Loans: No Appraisal with a VA Streamline Refinance (IRRRL)
Veterans and active-duty service members with an existing VA loan have their own no-appraisal path: the VA Interest Rate Reduction Refinance Loan, better known as the IRRRL or VA Streamline Refinance. Because you're refinancing a loan the VA already guarantees, the program waives the appraisal, waives the income and employment verification most refinances require, and typically closes faster with less paperwork. It's built for one purpose — lowering your rate and payment — and it delivers on that with minimal hassle. Learn more on our Michigan VA Loans page.
Benefits of a No Appraisal Mortgage
There are several benefits to financing a home with no appraisal. First, you save the appraisal fee itself. Second, waiving the appraisal removes the chance of a low valuation or required repairs derailing your loan. And third, skipping the appraisal speeds up the loan process, getting you into your home — or into a lower payment — faster.
- No appraisal fees will save you $300–$600
- No appraisal issues to complicate financing
- No appraisal to hold up the home loan process