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Heard of Fannie & Freddie appraisal-free purchase mortgages??
Property Inspection Waiver
A property inspection waiver is allowed for this transaction. JJ
Do your clients qualify?
Late last week, Freddie Mac announced it would be extending its appraisal-free mortgage program to purchase loans starting September 1, 2017.That same day, Fannie Mae also announcedtheir appraisal-free purchase mortgage, offering its product effective immediately.
But what does that mean exactly?
Who qualifies? Zach Dawson, Fannie Mae director of collateral policy, listed several eligibility criteria for Fannie’s Property Inspection Waiver program. Some requirements include the purchase loan having 80% or lower loan-to-value ratio, being single-family and condo properties, primary occupancy and second homes and only when Fannie already has a prior appraisal in electronic format that has been analyzed by Collateral Underwriter.
The chart below shows some eligibility requirements for PIW:
