When do I need a home appraisal?

You need an appraisal when a lender requires one to value the property as collateral, typically for a purchase, refinance, or home equity loan. Federal rules require credit unions to obtain appraisals for residential mortgage loans of $400,000 or more, while loans below that threshold generally need only a written estimate of market value. Cash purchases do not require an appraisal because no lender is involved.

A home appraisal is required for federally related transactions, including mortgages insured by the Federal Housing Administration (FHA). FHA requires the appraiser to hold state certification at the Certified Residential or Certified General level and to appear on the Appraisal Subcommittee's National Registry. The FHA appraisal determines market value and whether the home meets HUD's minimum property requirements for safety, soundness, and security.

Federal law requires a state-licensed or state-certified appraiser for federally related transactions, such as mortgage loans made by federally insured banks and financial institutions. In Connecticut, a person may not act as an appraiser or estimate real estate value for a fee without the appropriate state credential, issued as Certified Residential, Certified General, or a Provisional license under a supervising certified appraiser.

You need a home appraisal when the transaction is federally related, which covers most mortgage lending. Federal law requires the appraiser to hold a state license or certification for those transactions, and government-backed loans such as VA-guaranteed mortgages involve an appraisal during the purchase process.

An appraisal is required when a mortgage is a federally related transaction, which includes most loans backed by federal programs. For Federal Housing Administration (FHA) loans, an appraisal is required for most products, including 203(b) purchase loans, 203(k) rehabilitation loans, and most refinances, but not for streamline refinances or Title 1 loans. In Indiana, only a Certified Residential or Certified General appraiser may independently appraise these transactions; trainees must work under supervision.

Most people need a home appraisal because their lender requires one for a mortgage. For an FHA-insured loan, the appraiser must be state certified (Certified Residential or Certified General) and appear on the National Registry. Homeowners also commission appraisals outside of lending, for purposes such as settling an estate, appealing property taxes, removing PMI, or setting a sale price. A State Licensed or Provisional Kansas credential alone does not qualify an appraiser for FHA assignments.

You typically need a home appraisal when a lender requires one for a mortgage, including an FHA insured mortgage. Homeowners also order appraisals for non-lender purposes such as divorce proceedings, listing decisions, and estate work. For federally related transactions, the appraisal must be done by a state certified appraiser listed on the ASC National Registry; a trainee-level appraiser cannot appraise independently for these transactions.

Michigan law requires anyone who issues an evaluation, opinion, or conclusion about the value of real property to hold an appraiser credential from the state. Federal law also requires a licensed or certified appraiser for federally related transactions, such as appraisals for loans made by federally insured banks and financial institutions. No license is needed for a licensed real estate broker's free market analysis for a customer, or for an assessment by a certified assessor acting in an official capacity.

You need an appraisal for federally related transactions, including FHA-insured mortgages. FHA requires appraisers to hold a Certified Residential or Certified General credential and to appear on the Appraisal Subcommittee's National Registry; Licensed Residential and Trainee appraisers are not eligible for FHA work. In Minnesota, a person may not act as an appraiser without a license from the Department of Commerce.

You need a home appraisal whenever the transaction involves a federally related loan, such as a mortgage backed by a federal agency. Only licensed or certified appraisers in active status on the ASC Appraiser Registry may perform these appraisals. FHA-insured mortgages require a state-certified appraiser, meaning a Certified Residential or Certified General credential on the FHA Roster.

A lender will require a home appraisal for a federally related mortgage transaction, such as an FHA loan, and the lender relies on the Appraisal Subcommittee (ASC) National Registry to confirm that the appraiser holds a state license or certification. Homeowners also commonly order appraisals for estate settlements, divorce, tax appeals, and pre-listing pricing decisions.

You typically need a home appraisal when a mortgage lender requires one for buying or refinancing, which is a frequent practice. Federal law requires the appraiser to hold a state license or certification whenever the appraisal is for a federally related transaction. An appraisal estimates the property's market value for the lender.

You typically need an appraisal when the transaction is federally related. Federal law requires a state-licensed or state-certified appraiser for federally related transactions, such as mortgages made by federally insured banks and financial institutions. FHA-insured mortgages also require an appraisal by a state-certified appraiser listed on the FHA Roster.

You need a home appraisal when you obtain a mortgage, and an FHA-insured mortgage always requires one. An FHA appraisal determines the home's market value and whether it meets HUD standards for safety, soundness, and security. One common loan that does not require an appraisal is the FHA streamline refinance.