Homepoint offers $500 borrower credit to cover appraisal costs

Homepoint is giving borrowers $500 credit to help cover their appraisal costs, prompting on-the-fence homebuyers to “feel more comfortable” purchasing now instead of waiting.

The wholesale giant announced Monday that it would provide prospective homebuyers in all 50 states with a $500 appraisal credit as part of its ongoing efforts to boost home affordability. In August, Homepoint launched a borrower incentive that slashed 75 basis points off the price of loans it originated in underserved US zip codes.

“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.