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!
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
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