Douglas, Both Buyer and Seller in Chicago, IL

Im trying to qualify my condo qualified under the avm system so I don't need to get an appraisal to take advantage of the Harp program. I MEET ALL THE

Asked by Douglas, Chicago, IL Sat Aug 25, 2012

REQUIREMENTS but the automated valuation model is telling me I still need to get the appraisal doIm trying to qualify my condo qualified under the avm system so I don't need to get an appraisal to take advantage of the Harp program. I MEET ALL THE REQUIREMENTS but the automated valuation model is telling me I still need to get the appraisal done. I spent $370 for my appraisal hoping it would meet the 105% LtoV ratio but it did not. What can I do to get the avm system to waive my need for an appraisal? Thanks.
ne. I spent $370 for my appraisal hoping it would meet the 105% LtoV ratio but it did not. What can I do to get the avm system to waive my need for an appraisal? Thanks.

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4
Bill J Delig…, Agent, Naperville, IL
Sat Aug 25, 2012
Talk to your Loan Officer and see if you can formally dispute your appraisal. Provide comps that may justify a higher price. If this fails then pay down your loan to get yourself to the 105% LTV. If that is not possible, then save your money and try again in 6-12 months.
1 vote
Chris Diamond, Mortgage Broker Or Lender, Gurnee, IL
Fri Apr 12, 2013
105% LTV is a individual lender based requirement it is not a Fannie Mae or Freddie Mac requirement. Sounds like you are serviced by Freddie Mac based off looking for the avm (in freddie mac its refered to as the HVE Home Valuation Estimate)

Give me a call if you have still been unable to refinance your condo and we can discuss the options available to you now.

Chris Diamond
Diamond Residential Mortgage Corporation
NMLS 771882
chris.diamond@thedrmc.com
847-775-2181
0 votes
Matt Laricy, Agent, Chicago, IL
Sat Aug 25, 2012
If it doesnt meet what they are looking for, I dont believe you can do anything.
0 votes
Philip Sencer, Agent, Chicago, IL
Sat Aug 25, 2012
There is a reason why they have a system. If the property fails the system requirements then they do not make the loan. Not much you can do about it.
0 votes
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