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APPRAISAL GAP PILOT PROGRAM PARTICIPANT APPLICATION

APPRAISAL GAP PILOT PROGRAM PARTICIPANT APPLICATION 2026

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The document is an application form for the Tennessee Housing Development Agency's Appraisal Gap Pilot Program. It collects detailed information about the applicant organization, including contact details, funding sources, prior participation in THDA programs, and required documentation for program eligibility. The form emphasizes compliance with program rules and regulations and requires certification of the accuracy of the provided information.

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Click ‘Get Form’ to open the APPRAISAL GAP PILOT PROGRAM PARTICIPANT APPLICATION in our editor.
Begin with the 'APPLICANT INFORMATION' section. Fill in your organization's legal name, mailing address, email, and telephone number. Ensure all details are accurate for effective communication.
Next, complete the 'PROGRAM ADMINISTRATOR INFORMATION' section. Provide the contact person's name, title, and their contact details to facilitate program administration.
In the 'SENIOR MANAGEMENT & ALL PERSONS INVOLVED WITH THE GAP PROGRAM' section, list all relevant individuals. Attach any required disclosures as specified.
Proceed to detail your 'FUNDING SOURCES OTHER THAN THDA FOR GAP ACTIVITIES'. List lenders and funding amounts clearly to provide a comprehensive overview of financial support.
Complete the sections regarding current or prior participation in THDA programs. Answer all questions truthfully and provide explanations where necessary.
Finally, ensure you attach all required documents listed at the end of the application before submitting it through our platform.

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2019	4.8 Satisfied (102 Votes)

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Who pays for an appraisal gap?

Thats where an appraisal gap clause comes in. This clause means the buyer agrees to cover the gap between the appraised value and the contract price. For example, as we mentioned earlier, the buyer might need to bring an extra $20,000 to the closing table.

How does an appraisal gap work?

The most straightforward way to address an appraisal gap is for the buyer to pay the difference. This is not always an option financially, of course some methods of payment are more realistic than others. If you have the funds available, you can simply pay the difference in cash.

What is an example of an appraisal gap coverage?

In the further conditions section of the purchase agreement, a buyer may use language comparable to the following: If the appraisal value comes in below the purchase price, Buyer agrees to cover the difference in cash between the appraisal amount and purchase price up to and including $ (gap amount).

Who does the appraisal gap go to?

Theres nothing that would prevent you from requesting a refund from the original appraiser but legally there is nothing that would force them to do so. When you order an appraisal you are essentially asking for their professional opinion as to the value of the property.

Is an appraisal gap worth it?

Is appraisal gap coverage a good idea? Appraisal gap coverage can be a good idea for homebuyers, considering it provides protection in case the appraised value of the property is lower than the purchase price.