Certified Appraisals for FHA, VA, Conventional, and Other Loan Types
Loan Types
At Caldwell Appraisal Group, our certified appraisers are qualified to provide accurate and compliant appraisals for a wide variety of loan types. Whether you’re dealing with a government-backed loan or a conventional mortgage, our team has the experience and expertise to meet the unique requirements of each loan type. On this page, you will find everything you need to know about the types of loans we support.
Mortgage Loan Appraisals
What is a Mortgage Loan?
A mortgage loan is a financing agreement where the borrower uses real estate as collateral. It can include various types, such as FHA, VA, conventional, USDA, and more. These loans are offered by banks, credit unions, or government-sponsored entities and often have specific appraisal requirements to ensure the property aligns with the loan amount.
Why Are Mortgage Loan Appraisals Important?
Mortgage loan appraisals are essential for both lenders and borrowers. They verify the market value of a property, ensuring the loan amount is in line with the home’s worth. Accurate appraisals help lenders manage risk and help buyers avoid overpaying for a property.
FHA Loan Appraisals
What is an FHA Loan?
Federal Housing Administration (FHA) loans are government-backed mortgages designed to help first-time homebuyers and those with lower credit scores secure financing. These loans often require a lower down payment and have more flexible eligibility requirements than conventional loans.
FHA Appraisal Requirements
Appraisers for FHA loans must adhere to strict guidelines to ensure the property meets minimum safety, security, and structural standards.
VA Loan Appraisals
What is a VA Loan?
The U.S. Department of Veterans Affairs (VA) offers VA loans to eligible veterans, active-duty service members, and qualifying members of the National Guard and Reserves. These government-backed loans come with benefits like no down payment, competitive interest rates, and no private mortgage insurance (PMI) requirements.
VA Appraisal Requirements
VA appraisals focus on ensuring the home meets the VA’s Minimum Property Requirements (MPRs), covering safety, soundness, and sanitation to protect both the veteran and the lender.
Conventional Loan Appraisals
What is a Conventional Loan?
Conventional loans are traditional mortgages that are not backed by a government entity like FHA, VA, or USDA. They are popular among homebuyers who meet standard credit and down payment requirements. Conventional loans can be either conforming (meeting Fannie Mae or Freddie Mac limits) or non-conforming (like jumbo loans).
Conventional Appraisal Requirements
Conventional appraisals focus on accurate property valuation, based on market conditions, comparable sales, and property condition, ensuring compliance with lender guidelines.
USDA Loan Appraisals
What is a USDA Loan?
The U.S. Department of Agriculture (USDA) offers USDA loans to eligible rural and suburban homebuyers who meet specific income requirements. These government-backed loans often come with zero down payment options, making homeownership more accessible in qualifying areas.
USDA Appraisal Requirements
USDA appraisals ensure that the property meets health, safety, and structural requirements set by the USDA, with a focus on habitability and basic property conditions.
Jumbo Loans
What is a Jumbo Loan?
Jumbo loans are non-conforming mortgages that exceed the loan limits set by the Federal Housing Finance Agency (FHFA). These loans are often used for purchasing high-value properties and typically require higher credit scores, larger down payments, and thorough appraisals.
Jumbo Loan Appraisal Requirements
Jumbo appraisals require detailed evaluations, as lenders want to ensure the value of a high-priced property aligns with the loan amount. Appraisers consider the property's size, location, luxury features, and comparable high-value sales in the area. Multiple appraisals on Jumbo Loans are likely due to the type of loan.
Home Equity Conversion Mortgages (HECM) / Reverse Mortgages
What is a Reverse Mortgage?
Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), allow homeowners aged 62 and older to convert part of their home equity into cash. These loans are often used to supplement retirement income.
HECM Appraisal Requirements
Reverse mortgage appraisals need to comply with FHA guidelines, as they are government-backed loans. The appraisal must verify that the home meets minimum property standards and is structurally sound.
Renovation Loans (e.g., FHA 203(k), Fannie Mae HomeStyle)
What is a Renovation Loan?
Renovation loans, like FHA 203(k) and Fannie Mae HomeStyle loans, allow borrowers to finance both the purchase (or refinance) of a home and the cost of renovations in a single loan.
Renovation Loan Appraisal Requirements
Appraisers must assess the "as-is" value and the "after-improvement" value of the property, considering the planned renovations and their expected impact on the home’s value.
Adjustable-Rate Mortgages (ARMs)
What is an ARM?
An Adjustable-Rate Mortgage (ARM) is a type of home loan with an interest rate that can change periodically based on market conditions. While the loan structure is different, appraisals for ARMs are similar to those for conventional loans, focusing on current market value.
Bridge Loans
What is a Bridge Loan?
Bridge loans are short-term loans designed to "bridge" the gap when buying a new home before selling the current one. These loans are often used by real estate investors or buyers in competitive markets.
Bridge Loan Appraisal Requirements
Appraisers must provide a quick, accurate assessment of the property's market value, as these loans are typically used for fast transactions.
Bank Loan Appraisals
What is a Bank Loan?
Bank loans, also known as portfolio loans, are mortgages held by banks or credit unions rather than being sold on the secondary market. These loans offer more flexibility, making them suitable for a variety of borrowers, including investors, self-employed individuals, and those with unique properties.
Bank Loan Appraisal Requirements
Because bank loans are more flexible, the appraisal requirements can vary. However, accurate and credible property valuations are still essential to ensure the loan amount aligns with the property’s market value.
Why Choose Caldwell Appraisal Group?
Certified and Experienced Appraisers: Our team is certified to handle appraisals for all major loan types, ensuring compliance and accuracy for every transaction.
Compliance with Loan Standards: We tailor our appraisals to meet the unique requirements of each loan type, providing credible and compliant valuations.
Detailed and Reliable Reports: We provide thorough, well-documented appraisal reports that are accepted by lenders, buyers, and legal professionals.
Timely and Reliable Service: We prioritize fast and accurate appraisals to support smooth and timely closings.
Unbiased, Third-Party Appraisal: Our appraisers serve as independent, third-party evaluators, ensuring fair and objective assessments for every property.
Customers Trust Caldwell Appraisal Group
Exceptional Service and Expertise!
“I recently hired Caldwell Appraisal Group to conduct an appraisal for my property, and I couldn't be more impressed with the level of service and expertise provided. They were incredibly thorough in assessing all aspects of the property, from its location to its condition and comparable sales in the area.”
— Anonymous
An Accurate Measurement for Peace of Mind
“I had major plans to add on to my home and I knew getting an accurate measurement was going to be crucial. That’s when I contacted Caldwell Appraisal Group to conduct a home measurement for me.
When Steve arrived, he immediately put me at ease with his expertise and meticulous measurements. Thanks to their work, I am moving forward with my dream plans.”
— Connor
They Saved Me a Ton of Money
“When I bought my home a few years ago, I thought PMI was just part of the deal. But as my home grew in value, I realized that I could probably get rid of the extra payment.
When I asked around I was told about Caldwell Appraisal Group. They came out and did a thorough inspection that I was able to use to submit to my lender. Best part is, it worked to get my PMI removed! Saving me hundreds every month!”
— Emily
Ready for a Home Appraisal?
Whether you need an appraisal for estate planning, market value assessment, tax appeals, house measurement, PMI removal, divorce settlements, or something else, Caldwell Appraisal Group is here to help. Our experienced appraisers are ready to provide you with the highest quality appraisal services in Salt Lake City and throughout Salt Lake County.