when a drive by apprasal values home what percentage should your home fall under/ to qualfy for the 213k?
the program if future to loan amount in property, per our realtor we will only qualify for this loan is at least at 97% value when they appraise it . is this tru
Hi Jenny,
If the lender only ordered a 'drive-by' appraisal they probably are not too worried about it not appraising (at least that's the only time I see drive-by appraisals requested). The loan to value ratio needs to be 80% or less to avoid paying PMI, but otherwise it depends on what type of loan you're getting. This is a question for your lender.
Make it a great day,
Seth T. J. Miller
Broker- My Real Estate Pro West Covina
(626)967-8686
DRE#01840251
PS- you can follow my on twitter @BrokerSeth
I'm not sure what the question is but if you need more information regarding the 203k loan (if that is what you are asking about) then feel free to contact me directly.
Good luck
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