Are drive-by house appraisals FHA-approved?

The Federal Housing Administration (FHA) is currently accepting drive-by appraisals for FHA loans due to COVID-19 regulations.

Can a drive-by appraisal be used to refinance?

Drive-by appraisals are now a common practice when refinancing a mortgage, as a home with a lot of equity built up poses a lower risk to lenders.

How do the costs of a drive-by appraisal compare?

A full appraisal can commonly cost $300 – $500, though they could be more than $600 or even up to $2,000 depending on the area you live in, the size of your home, etc. According to Home Advisor, drive-by appraisals cost between $100 and $150.

What Is A Drive-By Appraisal?