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BIG News on Appraisal changes from Fannie Mae and Freddie Mac

Appraisals may not be needed on every purchase transaction!

[Appraisal update = Effective August 19, 2017] 

Fannie Mae PIW (Property Inspection Waiver) and Freddie Mac ACE (Automated Collateral Evaluation) is being extended to Purchase Loan Transactions. 

It was usually only allowed on certain transaction types, but now it is going to be offered on some purchases!

Fannie Mae is updating Desktop Underwriter (DU) effective Saturday, August 19, to offer the Property Inspection Waivers (PIWs) on some purchase transactions. Eligibility is limited to one-unit, principal residences and second homes up to a maximum 80 percent loan-to-value ratio.

Freddie Mac - Beginning September 1, ACE will be extended to some purchases. More information to follow. 

​What does this mean to you? 
On some transactions, you will not need an appraisal.  Whoo hoo!

This is the first wave of the Fannie and Freddie roll out so stay tuned...

If you want more information, please contact us.

Aundrea Beach-Greco 

702-326-78966

info@aundreabeach.com

HARP extended to help underwater homeowners

Is your home still underwater? 

[REFI ANNOUNCEMENT] FHFA Extends HARP

HARP is being extended thru December 31, 2018 per announcement by the Federal Housing Finance Agency (FHFA).

Below are some of the highlights of this new program:

- Available for refinance applications received in late 2018
- There must be a benefit to the borrower from the refinance
- Loan being refinanced may not have been a HARP refinanced loan
- If you have MI, the MI must be transferred to the new loan, but is not required if not on the original loan being refinanced

Following our review of full program information, we will provide updates as needed.

Contact us you have questions. 

Aundrea Beach-Greco 

702-326-7866

info@aundreabeach.com

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