The lending value corresponds to the lesser of the following amounts: the purchase price or the market value of the home.
The appraised value of property or the purchase price, whichever is the least.
The purchase price or market value of a property, whichever is less.
THE LOWER OF THE PURCHASE PRICE OR APPRAISED VALUE.
For mortgage purposes, this refers to the property value which is typically the lesser of the appraised value and the sale price.
The purchase price or the estimated market value of real estate.
The property value for mortgage purposes. Usually the lesser of appraised value or sale price.
value estimated by an appraiser that represents the maximum amount of money that a lender would advance against a particular property (pages 47 and 101).
An independent appraiser's value interpreted by the lender as to the worth of a property in the current market given a reasonable time period to sell the property.