When you’re buying or refinancing a home, one of the most time-consuming (and sometimes costly) steps is the appraisal. Traditionally, lenders require a licensed appraiser to evaluate the property\u2019s market value to ensure it matches the loan amount.<\/p>\n
But in recent years, the Appraisal Waiver Program<\/a>\u2014also known as a Property Inspection Waiver (PIW)\u2014has become more common, streamlining the process for eligible Rhode Island borrowers. Here\u2019s everything you need to know about appraisal waivers in 2025.<\/p>\n An appraisal waiver allows eligible borrowers to skip the traditional in-person appraisal when buying or refinancing<\/a> a home. Instead, the lender uses data and modeling (like Fannie Mae\u2019s Collateral Underwriter or Freddie Mac\u2019s ACE system) to assess the home\u2019s value based on prior appraisals, public records, and market data.<\/p>\n This means no appraiser visits, no scheduling delays, and no $500+ appraisal fees\u2014saving you time and money.<\/p>\n Appraisal waivers are primarily offered through:<\/p>\n No appraisal fee (save $400\u2013$800) Eligibility for an appraisal waiver depends on several factors:<\/p>\nWhat is an Appraisal Waiver?<\/h3>\n
Who offers Appraisal Waivers?<\/h3>\n
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Benefits of the Appraisal Waiver Program<\/h3>\n
\nFaster loan process (skip the 7\u201310 day wait)
\nFewer delays or disputes over value
\nReduces risk in competitive markets<\/p>\nWho Qualifies in 2025?<\/h3>\n