With HomePath financing, no appraisal is required by the lender. The sales price is the appraised value for the purposes of financing. Naturally, you should encourage you buyer to purchase an appraisal if there is any question about the property value. Just don't share the appraisal or property inspection with the lender.
No MI is required on these loans, even at 97% LTV, but there are price adjusters added to the loan so check pricing carefully with your lender.
HomePath financing is available for all types of occupancy, primary, second home, and investment, but the maximum LTV's for second home and investment property purchasers are lower.
Check with you lender or give me a call.