Does SoFi require a property appraisal?

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Comments

  • Michael HsuMichael Hsu Member, Sofi Team

    Yes, but unlike many traditional lenders, getting a mortgage with SoFi is usually not contingent upon how much the property is appraised for. This is because SoFi uses an Automated Valuation Model (AVM) as part of the pre-approval process to approve the value of the property for purchase. In most cases, as long as the purchase price satisfies the AVM, you will be able to get a mortgage for the amount determined as part of the pre-approval process. But, prior to final approval of the loan, a property appraisal with an interior and exterior inspection will still need to be completed to verify the property meets eligibility standards.

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