Freddie Mac hub
The home has to pass too
A lender looks at the house as well as the buyer.
The appraisal
The lender orders an appraisal from a licensed appraiser to check what the home is worth against the price you agreed to pay. It protects the lender, and you pay for it. Only a licensed appraiser can say what a home is worth; AskResi does not.
Your own inspection
The appraisal is not an inspection. Book your own inspection and read the report before you commit.
If the numbers do not match
If the appraisal comes in below the price, the buyer and seller may talk again about the price, or the buyer may need more cash. Your agent can walk you through the choices.
More Freddie Mac topics
- Freddie Mac does not lend to buyersIt buys loans from lenders. That one fact explains most of the words you will hear.
- Conforming loans and the yearly limitA loan can be too large for Freddie Mac to buy. The limit changes every year.
- Home Possible and other programsFreddie Mac gives lenders a program called Home Possible. A lender decides whether it fits you.
- PMI versus government insuranceEvery loan with a small down payment has some kind of insurance for the lender. Who provides it differs.
- Steps from search to keysThe order is the same for most home loans.
Educational only. AskResi is not a lender.