Do conventional loans require an appraisal?
Usually yes. Most conventional purchases and refinances require a full appraisal by a licensed appraiser. Appraisal waivers (also called PIWs) are sometimes offered by Fannie's DU or Freddie's LP on lower-LTV files with strong AVM data, but waivers aren't guaranteed.
Plain-English explanation
Standard conventional purchase: full appraisal ordered through the appraisal management company, $400-700 cost, 7-14 day turn. Appraisal waiver: automated underwriting issues a 'value accept' on certain low-LTV files where the agency's AVM model has high confidence in property value. Waivers are more common on rate-and-term refinances than on purchases. Cash-out refinances rarely get waivers. Subject to AUS findings and Fannie/Freddie guidelines.
What can change the answer?
Property condition, comparable sales availability, appraisal waiver eligibility, and Reconsideration of Value can change the appraised value.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Appraisal
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.