Buying a high-value home with a jumbo loan, step by step
Step 3: the appraisal
In brief
High-value and one-of-a-kind homes often have fewer recent comparable sales, so the appraisal can take longer and draw more questions. Some jumbo lenders ask for a second appraisal above a certain loan size. You have the right to a copy of every appraisal used in your application.
Last reviewed against the primary sources listed below.
Plan for it
- Allow extra days for the appraisal in your contract.
- Share a list of upgrades and recent work with the appraiser through your agent or lender.
- If the value comes in low, ask about a reconsideration of value.
Buyer questions
Can a jumbo lender require two appraisals?
Some do, usually above a loan size they set. Ask early so the timeline allows for it.
Do I get a copy of the appraisal?
Yes. Federal rules require lenders to give you copies of appraisals promptly.