Can I get a mortgage without an appraisal in Arizona?
Yes, on many conventional loans (regular, non-government loans), the lender's computer may accept the home's value, so no appraiser visits. Fannie Mae calls it value acceptance; Freddie Mac calls it ACE (automated collateral evaluation). It is most common with 10% or more down, or on a refinance (a new loan replacing yours) when you own 10% or more of the home.
What is an appraisal waiver?
First, what is an appraisal? It is a report on what a home is worth. An expert called an appraiser visits the home. They look at it and compare it to homes that sold nearby. Then they tell the lender the value.
Lenders want this because the home backs the loan. If you stop paying, the lender can sell the home. So the lender wants to know the home is worth enough.
An appraisal waiver means you skip that step. No appraiser comes out. Instead, a computer looks at what it already knows about the home. That can include past appraisals and nearby sales. If the facts line up, the computer accepts the value.
Example: Say you agree to buy a home for $400,000. The home was appraised a few years ago, and homes nearby sold for about the same. The computer may decide $400,000 makes sense. If it does, you can move ahead with no appraisal.
Two big companies buy most regular home loans. They are Fannie Mae and Freddie Mac. Each one has its own name for a waiver:
- Fannie Mae calls it value acceptance. That just means Fannie Mae accepts the value without a new appraisal. Fannie Mae used to call it an appraisal waiver.
- Freddie Mac calls it automated collateral evaluation. "Collateral" is the thing that backs a loan. Here, that is your home. "Automated" means a computer does the check.
- Some waivers use a quick home visit. Fannie Mae calls this value acceptance + property data. Freddie Mac calls it ACE+ PDR, short for automated collateral evaluation plus property data report. A trained person visits, takes photos and measures the home. It is shorter than a full appraisal.
Fannie Mae says the person who does the quick visit can be an appraiser, a real estate agent or an insurance inspector. They must be trained and checked first.
Who usually gets an appraisal waiver?
No one can promise you a waiver ahead of time. A computer decides. It looks at you, your loan and the home. Under Fannie Mae's rules, these things usually need to be true:
- The home is for one family. Many condos count. A duplex or other two- to four-unit home does not. Co-ops do not count either. In a co-op, you own a share of a building company instead of your own unit. Manufactured homes do not count. These are homes built in a factory and moved to the land.
- You will live there, or it is a second home. A rental home can get a waiver only when you refinance, which means replacing your old loan with a new one.
- The computer approves your loan. If a person has to review the loan by hand instead, a waiver is not allowed.
- The price or value is under $1,000,000. Say you buy a home for $1,100,000. That is over the limit, so you would need an appraisal.
- The home has an old appraisal on file, in most cases.
- The seller is not giving you a gift of equity. That is when a seller, often a family member, sells you the home for less than it is worth.
Freddie Mac's rules are a lot alike. Its waiver is for one-family homes that are not manufactured homes. On a purchase, the home must be the one you live in or a second home. A rental home can get a waiver only on a refinance. Freddie Mac's computer must also approve the loan.
A lender can still order an appraisal, even with a waiver offer. Fannie Mae says the lender should get one if it thinks one is needed. It should also get one if a law calls for one. The same goes if the mortgage insurance company asks for one. Mortgage insurance protects the lender if you stop paying. Most regular loans with less than 20% down need it.
Which loans can skip the appraisal?
Conventional loans. These are regular loans that are not backed by the government. Most waivers happen here, through Fannie Mae and Freddie Mac. You can put as little as 3% down for qualified buyers. New to buying? Start with our Arizona first-time home buyer guide. Say you buy a $300,000 home with 3% down. That is $9,000 down. See our Arizona conventional home loan options.
Federal Housing Administration (FHA) loans. These are government-backed loans with easier credit rules. They usually need an appraisal. The main exception is an FHA Streamline Refinance. You must already have an FHA loan to use it. The Department of Housing and Urban Development's handbook says this refinance does not need an appraisal. Learn more about FHA home loans in Arizona.
Department of Veterans Affairs (VA) loans. These are loans for veterans and service members. They usually need an appraisal too. The exception is the VA Interest Rate Reduction Refinance Loan (IRRRL). It lets you replace a VA loan with a new VA loan. VA says no appraisal is needed for it. See our Arizona VA loan guide.
How much do you need to put down for a waiver?
The limits use a number called loan-to-value, or LTV. It compares your loan to what the home is worth. It is shown as a percent.
Example: Say you buy a $400,000 home and put 10% down, which is $40,000. Your loan is $360,000. $360,000 is 90% of $400,000. So your loan-to-value (LTV) is 90%. A lower number means you have more of your own money in the home.
| Type of loan | Fannie Mae | Freddie Mac |
|---|---|---|
| Buying a home you will live in, or a second home | Up to 90% | Up to 90% |
| Refinance with no cash out, home you live in or second home | Up to 90% | Up to 90% |
| Refinance with no cash out, rental home | Up to 75% | Allowed on refinances |
| Cash-out refinance, home you live in | Up to 70% | Up to 70% |
| Cash-out refinance, second home | Up to 60% | Up to 60% |
Highest loan-to-value allowed for a waiver with no home visit, for Fannie Mae value acceptance and Freddie Mac automated collateral evaluation, as of October 2026.
A cash-out refinance means your new loan is bigger than what you owe. You get the extra as cash. Example: Say your home is worth $500,000 and you owe $200,000. At 70%, your new loan could be up to $350,000. That could give you about $150,000, before closing costs. Closing costs are the fees you pay to finish a loan.
With a quick home visit, you can put less down on a purchase. Fannie Mae's value acceptance + property data and Freddie Mac's ACE+ PDR (automated collateral evaluation plus property data report) allow the normal program limits. For Fannie Mae, that is up to 97% on a fixed-rate loan for a one-family home you live in. A fixed-rate loan is one where the interest rate never changes. Going above 95% needs at least one first-time home buyer on the loan. That is someone who has not owned a home in the last three years. Example: On a $400,000 home, 97% means a $388,000 loan and $12,000 down.
Want to try your own numbers? Our down payment calculator shows what 3%, 5%, 10% or 20% down looks like on your price.
How does the loan system decide?
Lenders use computer programs to review loans. This is called automated underwriting. "Underwriting" just means checking if a loan is safe to make. Fannie Mae's program is called Desktop Underwriter. Freddie Mac's is called Loan Product Advisor.
Your lender types in your loan facts. That includes the price, your down payment and your income. The program also pulls up facts about the home. If it trusts the value, it shows a waiver offer. Your loan officer cannot switch the offer on by hand.
Offers do not last forever. Fannie Mae says the offer can be no more than four months old when you sign your loan. Freddie Mac says its offer is good for 120 days. Example: Say you get an offer on March 1. With Freddie Mac, you would need to close by about the end of June.
Offers can also go away if your loan changes. Example: Say your price goes from $400,000 to $420,000 after a new deal with the seller. The lender runs the loan again. The new result may not include a waiver.
One more rule: if an appraisal was already done for your loan, Fannie Mae says the lender cannot use the waiver. The appraisal counts instead.
Pros and cons of skipping the appraisal
Pros
- You do not pay for an appraisal.
- You do not wait for an appraiser, so you may close sooner.
- No one has to visit your home.
- On a refinance, there is no risk of a low value surprise.
Cons
- No expert tells you if the price is fair.
- No report points out problems with the home.
- You can't request a waiver. Your lender can only check if the system offers one.
- On a purchase, you need at least 10% down unless there is a home visit.
A waiver is not a home inspection. An inspection checks things like the roof, wiring and plumbing. Most buyers should still get one before closing.
Closing costs are the fees you pay to finish your loan. An appraisal fee is one of them. Our guide to Arizona mortgage closing costs explains each fee. As of October 2026, our Home Purchase Closing Cost Calculator estimates purchase closing costs of about $3,600 to $4,500 for a median-priced home. Refinance fees are often about $2,500 to $3,500. To compare a new loan with the one you have now, try our Refinance Calculator.
What Arizona buyers should know
New builds
Arizona has lots of brand-new homes. Fannie Mae does not allow value acceptance on a home that is still being built. A newly finished home can get an offer only if it already has an "as is" appraisal on file. "As is" means the value of the home the way it is today. Example: Say you sign a contract on a home in a new community before it is built. Plan on an appraisal.
Rural homes and manufactured homes
Many waivers depend on an old appraisal of the home. A country home that rarely sells may not have one. So a waiver is less likely. Manufactured homes are common in parts of rural Arizona. They do not qualify for value acceptance or automated collateral evaluation (ACE).
Appraisal gaps
An appraisal gap is when the appraisal comes in lower than the price. Example: Say you agree to pay $400,000, but the appraisal says $390,000. That is a $10,000 gap. Your lender bases your loan on the lower number. You may need to bring more cash, or ask the seller to lower the price.
A waiver means there is no appraisal, so there is no gap. But it also means no one checks the price for you. Ask your agent to compare recent sales before you make an offer. A gap can also change how much a seller can pay toward your costs. Our guide to seller concessions can help.
Loan size
As of October 2026, the conforming loan limit for a one-family home in Arizona is $832,750. That is the largest regular loan Fannie Mae and Freddie Mac will buy. Fannie Mae value acceptance also needs a price or value under $1,000,000. Example: A $1,200,000 home is over that line, so it will need an appraisal.
Plan your loan with our calculators
Related reading and loan options
Appraisal waiver FAQs
What is an appraisal waiver?
Can I ask my lender for an appraisal waiver?
Can I get an appraisal waiver when I buy a home?
Do FHA and VA loans need an appraisal?
Can a new build in Arizona get an appraisal waiver?
Is skipping the appraisal a good idea?
Sources
- Fannie Mae Selling Guide B4-1.4-10, Value Acceptance (Appraisal Waiver)
- Fannie Mae Selling Guide B4-1.4-11, Value Acceptance + Property Data
- Fannie Mae, Value Acceptance overview and loan-to-value limits
- Fannie Mae news release, changes to appraisal alternatives (October 28, 2024)
- Fannie Mae Eligibility Matrix
- Freddie Mac Guide Section 5602.3, Automated Collateral Evaluation
- Freddie Mac Guide Section 5602.4, ACE+ PDR
- Freddie Mac Bulletin 2024-16 (ACE purchase limit raised to 90%)
- Freddie Mac, Loan Quality Advisor enhancements to support ACE and ACE+ PDR
- HUD Single Family Housing Policy Handbook 4000.1, Update 18 (Streamline Refinances: appraisals are not required)
- VA, Interest Rate Reduction Refinance Loan
- VA Lenders Handbook (M26-7), Chapter 6: Refinancing Loans (KnowVA)
Agency rules change from time to time. This article reflects the sources above as of October 2026.