Adjusted Value (Not for 203(K) Mortgages)

Adjusted Value (Not for 203(K) Mortgages)

For purchase transactions, the Adjusted Value is the lesser of: • purchase price less any inducements to purchase; or • the Property Value. For refinance transactions: • For Properties acquired by the Borrower within 12 months of the case number assignment date, the Adjusted Value is the lesser of: o the Borrower’s purchase price, plus any documented improvements made subsequent to the purchase; or o the Property Value. • Properties acquired by the Borrower within 12 months of case number assignment by inheritance, through a Gift from a Family Member, or through a non-monetary transaction may utilize the calculation of Adjusted Value for Properties purchased 12 months or greater.