The Appraisal Waiver For Mortgages is Back, Sort of.

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883
https://activerain.com/droplet/55Mv

Recently Fannie Mae changed the rules on how you may qualify for a Property Inspection Waiver. Otherwise known as an “appraisal waiver”.  This is where an appraisal is not required as long as the Fannie Mae(conventional loans) approval says it qualifies for a Property Inspection Waiver.   This is really based on the approval system agreeing with the estimated value on the loan application.  Here are the parameters to qualify for it:

  • One-unit properties, including condominiums
  • Principal residence, second home, and investment property transactions
  • Limited cash-out refinance transactions up to a 90% LTV/CLTV for principal residences and second homes; up to 75% LTV/CLTV for investment properties
  • Cash-out refinance transactions up to a 70% LTV/CLTV for principal residences; up to a 60% LTV/CLTV for second homes and investment properties
  • Fannie Mae approval must say the property qualifies for a Property Inspection Waiver, if does not then an appraisal is required even it meets the above factors.

Here is what will not qualify:

  • Properties located in a disaster impacted area
  • No Texas Cashout/home equity loans
  • Not for FHA or VA loans
  • No Purchase, construction, and construction-to-permanent loans
  • Two- to four-unit properties
  • Loan casefiles where the value of the subject property provided to DU is $1,000,000 or greater
  • HomeStyle® Renovation mortgage loans
  • DU Refi Plus™ loan casefiles (will continue to be eligible for the DU Refi Plus Property Fieldwork Waiver)
  • Leasehold properties
  • Loan casefiles using the Affordable LTV feature
  • Cooperative units and manufactured homes
  • DU loan casefiles that receive an ineligible recommendation

This is awesome news for anyone looking to refinance their home, while there is work needing to be done. Or additional items that could keep a home from getting refinanced such as missing flooring, foundation problems, dry wall damage, missing ac unit, etc

Now trust me I know you would love to see it qualifies for someone purchasing a home, which it does not yet. But this is a great change and will hopefully lead to the appraisal waiver being acceptable for purchases in the future.

 

 

 

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David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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Topic:
Mortgage / Finance
Location:
Texas Harris County Houston
Groups:
Mortgages
Realtors Needing the services of the Lending Powers
Lenders & Realtors with a CONSCIENCE
Austin & Central Texas Originators
Texas Gulf Coast
Tags:
purchase
fannie mae
conventional loans
refinance
appraisal waiver

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