GAP BUSTER

More and more sellers are requiring buyers to waive the appraisal contingency OR have some sort of appraisal gap language or disclosure pertaining to an appraisal gap.

WHAT IS AN APPRAISAL GAP? An appraisal gap is the difference between the fair market value determined by the appraiser and the amount you agreed to pay for the home. An appraisal gap doesn't mean you have to cancel the sale, but it may mean you have to negotiate with the seller or pay the difference for the home out of pocket.

 

WE HAVE A SOLUTION

Appraisal Gap Protection from 5-10% of the Sales Price, depending on down payment.

10% Down Payment: 5% Appraisal Gap Coverage.

15% Down Payment: Up to 10% Appraisal Gap Coverage

20% Down Payment: Up to 10% Appraisal Gap Coverage

 

ADDITIONAL DOWN PAYMENT NEEDED?

No Additional Down Payment Required for this service

     

WHAT TRANSACTIONS WE COVER?

·         OWNER-OCCUPIED PURCHASES OF SINGLE-FAMILY HOMES AND TOWNHOUSES FROM $400,000- $809,000 SALES PRICES

·         THIS IS FOR CONVENTIONAL FIXED RATES ONLY

·         BORROWER(S) MUST HAVE A 700 MIDDLE SCORE

·         AS/IS Appraisals

 

COSTS

If the appraisal gap coverage is needed, a maximum of 1% fee will be added to your costs.  That’s it.  No monthly mortgage insurance will be placed on your loan and no additional down payment is needed.  If there is not a gap OR you choose to cover the gap yourself, no costs, whatsoever.

APPLY FOR YOUR BOLTED APPROVAL WITH GAP PROTECTION UP TO 10%!

We partner with the best.  We can pre-approve your loan completely with the lender and add the BOLT Approval to back our claim.  Your loan is completely underwritten except for the appraisal. 

We add the Appraisal Gap Protection for you in our pre-approval letter.

1.      Simply complete the short application

2.      Provide/upload income and asset documentation

3.      Upload copies of ID/Driver’s License(s) for all borrowers

4.      We run Fannie Mae & Freddie Mac side by side

5.      We validate your income and your assets

6.      We obtain a BOLT Approval from the underwriter (usually within 15 minutes)

You can confidently bid on a home with confidence!

Call or Apply Today!

LOANYAP MORTGAGE LLC

Where You Get A Little Something Extra

NMLS 2154500

Martin Wareing

NMLS 378267

407.383.0190