Full appraisal requirements reinstated for MI Home Loan (bond), Flex loans and Mortgage Credit Certificates
On June 1, Governor Gretchen Whitmer signed Executive Order 2020-110, rescinding Michigan’s “Safer at Home” order.
As a result:
• MSHDA will no longer accept exterior-only or desktop appraisals.
• Applications for all MSHDA Homeownership programs made on or after June 8 will require full interior/exterior appraisals.
What does this mean for our home buyers? A home appraisal is often required as an essential part of the mortgage financing process and receiving fair market value when purchasing said home. The lender uses the appraisal’s data to create a loan to value ratio or LTV to ensure the mortgage doesn’t exceed the value of the home.
With any home loan product, it is crucial to have the most accurate and current data to ensure quality pricing and service.