FAQ
Application Documentation
Do we have to have an appraisal?
We attempt to establish property values with tax assessment records, insured values, real estate market analysis, or by other means. If this is not possible, we may need to order an appraisal. If it appears that the collateral ratio is excellent, we can sometimes waive this requirement. On new construction loans over $1million, or when the collateral ratio appears to be borderline, we will probably need an appraisal.
Who pays for the appraisal?
The church pays for it.
What kind of appraisal do we need?
In most cases, a summary appraisal will suffice.
Do we have to pay for a new appraisal?
A new appraisal is not necessarily needed if you can obtain an independent realtor's opinion of current market value, a copy of a previous appraisal, or a tax assessment value.