Homepoint Offering $500 Credit To Borrowers For Appraisals

Homepoint, one of the nation’s largest wholesale mortgage lenders, said Monday it now provides borrowers a $500 credit toward appraisal costs on primary home purchases. The credit is available in all 50 states and has no planned end-date, the company said. 

The credit is offered on conventional loans for primary residences that are owned and sold by Fannie Mae, and specifically designated by the agency as HomePath properties. The HomePath program gives homebuyers the opportunity to make offers and purchase Fannie Mae-owned properties before they are available to investors.

“The more opportunities that homebuyers have to save money is always a good thing, but especially in a higher rate environment like we’re currently in,” said Phil Shoemaker, president of originations at Homepoint. “Homebuyers can already obtain lower mortgage rates and loan origination costs by getting a home loan through an independent mortgage broker, and now we’re helping people save $500 on an appraisal, as well. It’s a significant savings opportunity provided through mortgage brokers that can help prospective buyers feel more comfortable about purchasing a home now as opposed to waiting.”

Homepoint’s announcement follows other measures it has taken to enhance home affordability, including a 75-basis-point pricing bonus to loans originated in underserved U.S. zip codes.

Homepoint, basd in Anne Arbor, Mich.., is a subsidiary of Home Point Capital Inc. Founded in 2015, Homepoint works with a nationwide network of more than 9,100 mortgage broker partners.