Can You Get a Florida Mortgage Without a Traditional Appraisal?

Sometimes, but not because a borrower can simply request or demand an appraisal waiver. For certain eligible conventional loans, the applicable automated underwriting system may tell the lender that a traditional appraisal is not required. Fannie Mae currently calls its option Value Acceptance. “Appraisal waiver” remains a common consumer phrase, but the current investor terminology matters because Value Acceptance, Value Acceptance + Property Data, hybrid appraisal, and Freddie Mac ACE are different valuation paths.

The practical question is whether avoiding a traditional appraisal changes the rest of the transaction. It may remove one valuation step, but it does not automatically remove underwriting, title, insurance, flood, condominium-project, inspection, or property-condition requirements. In Florida, those separate reviews can still affect documentation, cost, timing, and closing eligibility.

What Value Acceptance changes, and what it does not

Fannie Mae describes Value Acceptance as an offer to accept the value submitted by the lender through Desktop Underwriter without an appraisal requirement for eligible transactions. For a purchase, the submitted value is generally based on the contract price. For a refinance, it may be based on the lender’s or borrower’s estimated property value. The offer is generated through DU, and the lender must decide whether to exercise it.

If the lender exercises an eligible Value Acceptance offer, a traditional appraisal report is not required for that Fannie Mae delivery path. That may avoid an appraisal charge or one third-party scheduling step, but it is not a guarantee of lower total closing costs or a faster closing. Other loan conditions can still control the timeline.

Fannie Mae also states that the lender must order an appraisal if later information gives the lender reason to believe an appraisal is warranted. A DU offer is therefore not a permanent promise that the loan will close without an appraisal.

Separate reviews still matter

• Home inspection: A buyer-focused review of the home’s condition and systems. It is separate from an appraisal and remains a borrower’s separate due-diligence decision.
• Insurance review: The insurer or lender may request documentation about coverage, property condition, roof age, wind mitigation, flood insurance, deductibles, or other risk factors, depending on the property and transaction.
• Condominium-project review: A Value Acceptance result for a unit does not automatically eliminate applicable project-review requirements.
• Lender collateral review: The lender must respond appropriately to information suggesting that an appraisal or additional property diligence is warranted.

Who decides whether an appraisal alternative is available?

The applicable automated underwriting system and the lender determine the path. For Fannie Mae loans, DU evaluates the submitted loan and property information and may return a Value Acceptance or Value Acceptance + Property Data offer. The lender must review the findings, confirm that the loan satisfies applicable requirements, and decide whether to use the offer.

A borrower can ask whether an appraisal alternative may be available, but the borrower does not control the result. Changes to the loan amount, estimated value, occupancy, property information, loan purpose, or other underwriting inputs can change the automated underwriting response.

Fannie Mae’s official guidance also makes clear that a lender may choose not to exercise an offer and may need to order an appraisal when investor requirements, mortgage-insurance requirements, lender policy, or property-specific facts call for one.

The valuation paths are different

Option	Property visit or data collection?	Does an appraiser provide an opinion of value?	Does it replace a traditional appraisal?
Value Acceptance	No property visit is required as part of the Fannie Mae valuation option.	No.	Yes, for an eligible Fannie Mae transaction when the lender exercises the DU offer.
Value Acceptance + Property Data	Yes. A trained property-data collector gathers standardized interior and exterior information.	No.	Yes. No appraisal report is required, but current property data is required.
Hybrid appraisal	Yes. A third party collects property data.	Yes. An appraiser uses the data and other sources to develop the value opinion.	No. It remains an appraisal, although the workflow differs from a traditional appraiser site visit.
Traditional appraisal	Typically yes, by the appraiser.	Yes.	No. This is the conventional full appraisal path.

Fannie Mae’s official materials distinguish Value Acceptance, Value Acceptance + Property Data, and hybrid appraisal. The property-data option collects current property information but does not produce an appraiser’s opinion of value. A hybrid appraisal uses property data collected by a third party, but an appraiser still develops and signs the appraisal report. Review Fannie Mae’s valuation test cases.

Why Florida properties may need additional review

Florida location alone does not determine whether an appraisal alternative is available. Property type, loan purpose, occupancy, value, loan-to-value profile, rental-income use, insurance, condition, and lender overlays may affect the result.

Fannie Mae’s current public eligibility summary lists one-unit properties, including condominiums, among potentially eligible property types. It also lists several ineligible categories, including two- to four-unit properties, construction and construction-to-permanent loans, manufactured homes, certain properties with resale restrictions, manually underwritten loans, transactions with a purchase price or estimated value of $1 million or more, loans using subject-property rental income to qualify, and loans for which the mortgage-insurance provider requires an appraisal. The applicable Selling Guide and lender requirements control.

Condominiums

A one-unit condominium may be eligible for a Value Acceptance option, but that does not automatically waive applicable condominium-project requirements. The lender may still need project, association, insurance, reserve, special-assessment, or critical-repair information depending on the review path and current requirements. See our guides to Florida condo special assessments and mortgage approval and St. Petersburg condo financing.

Flood exposure and homeowners insurance

A no-appraisal result does not eliminate applicable flood-insurance or homeowners-insurance requirements. Flood-zone status, coverage availability, deductibles, master-policy terms, property condition, and insurer requirements can create separate documentation or qualification questions. Address material issues early and review any applicable purchase-contract deadlines with the appropriate professionals. See how flood zones affect St. Petersburg mortgages and how homeowners insurance can affect mortgage qualification.

Manufactured homes, rental income, and property condition

Fannie Mae’s published Value Acceptance summary lists manufactured homes and transactions using rental income from the subject property to qualify as ineligible for the listed Value Acceptance paths. Manufactured-home financing and investment-property underwriting also have separate requirements. See our guides to Florida manufactured-home financing and investment-property mortgage reserves.

Property condition or recent damage can also prompt additional review. If the lender has reason to believe that safety, soundness, structural integrity, marketability, or a recent event materially affects the property, an appraisal or other documentation may be required.

Freddie Mac ACE is similar, but it is not Value Acceptance

Freddie Mac uses the term Automated Collateral Evaluation, or ACE. For certain eligible loans submitted through Loan Product Advisor, ACE may allow delivery without a traditional appraisal. Freddie Mac also offers ACE+ PDR, which uses a property data report collected on site by trained property-data collectors instead of an appraisal report.

ACE and ACE+ PDR are similar in concept to Fannie Mae’s Value Acceptance options, but they are not the same product. The underwriting system, investor requirements, eligibility rules, and lender processes can differ. A result from one automated underwriting system does not predict the result from the other.

Questions to ask before relying on an appraisal alternative

• Will the loan be evaluated through Fannie Mae DU, Freddie Mac Loan Product Advisor, or another underwriting path?
• Did the automated underwriting findings offer Value Acceptance, Value Acceptance + Property Data, ACE, ACE+ PDR, a hybrid appraisal, or a traditional appraisal?
• Does the mortgage insurer require an appraisal?
• Could rental income, condominium documents, property condition, insurance, flood requirements, or a lender overlay require additional review?
• If the loan or property information changes, will the valuation recommendation change?
• What property and insurance documents should be collected early?

Frequently asked questions

Can I waive the appraisal on a Florida purchase?

You can ask your lender whether an appraisal alternative may be available, but you cannot compel the lender or automated underwriting system to waive an appraisal. For an eligible conventional loan, the system may return a valuation option that does not require a traditional appraisal. The lender must still confirm that using it is permitted and appropriate.

Can a refinance receive Value Acceptance?

It may be available for certain eligible refinance transactions. The result depends on the refinance type, occupancy, property, loan-to-value and combined-loan-to-value profile, mortgage-insurance requirements, current investor guidance, and lender policy.

Will a condo in St. Petersburg qualify?

Possibly, but not automatically. One-unit condominiums may be included among potentially eligible property types under Fannie Mae’s published Value Acceptance summary. The unit and loan must still receive the applicable automated underwriting offer, and applicable condominium-project requirements remain separate.

Can a VA, FHA, or USDA loan use Value Acceptance?

Do not assume so. Value Acceptance is a Fannie Mae conventional-loan option, and ACE is a Freddie Mac conventional-loan option. Government-backed programs and individual lenders have separate appraisal and property-condition requirements. The applicable program and lender rules control.

Official resources

• Fannie Mae: Value Acceptance
• Fannie Mae: Property Valuation FAQs
• Fannie Mae: Value Acceptance, Property Data, and Hybrid Appraisal
• Freddie Mac: Automated Collateral Evaluation
• Freddie Mac: ACE+ PDR
• Fannie Mae HomeView: Understanding Home Appraisals

Compliance note: This article is for educational purposes only. Mortgage programs, appraisal alternatives, property requirements, lender overlays, insurance requirements, and underwriting guidance vary and can change. All loans are subject to underwriting and credit approval. This is not a commitment to lend.