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Appraisals Not Always Needed for Fannie and Freddie Mortgages

Freddie Mac is expanding its appraisal-free mortgage program to include condos, the government-sponsored enterprise announced this week.. Last year, Freddie Mac (and Fannie Mae) rolled out new.

Since HARP mortgages are backed by Fannie Mae and Freddie Mac, the underwriting process will. There is no maximum LTV limit for a new fixed-rate mortgage. Of course, the loan must still meet all the typical HARP requirements. debt-to-income ratio or maximum LTV, and an appraisal often will not be required.

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Fannie Mae will waive appraisals on some refinance loans. Fannie Mae will eliminate the need for physical appraisals on certain refinance loans for single-family homes and condos worth up to $1.

This eliminates the need for an appraiser and can speed up the mortgage process. Some lenders say the trend is moving toward more automated appraisals for all types of loans, from refinances and conventional loans to home-equity loans and FHA-insured mortgages. The lending world isn’t there yet.

 · Fannie, Freddie to waive appraisals on some purchase loans. new capability determines a traditional appraisal isn’t needed,” Freddie Mac said in a. Fannie and Freddie are not required by.

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requirements and may not address all the circumstances or meet all the needs of your organization.. mortgages that is acceptable to Freddie Mac.. Be used to evaluate the quality of the original appraisal report. Include.

But you don't always need an appraisal when refinancing your mortgage.. conventional mortgages, which conform to Fannie Mae and Freddie Mac. There's no credit review required for this type of refinance, but your.

 · They always need something to give them that strong data. Right now, that is appraisers." A growing trend. Some mortgage professionals say that the moves by Fannie and Freddie are a sign that automated appraisals and appraisal waivers are a trend, and that’s good news for home buyers and owners hoping to save money on refis and purchase loans.

At its heart, the new Trump administration plan for the home loan market aims to change the rules for the mortgage giants. Other parts of the plan would not require congressional approval,

Do we always need an appraiser to tell us what a house is worth? The two biggest sources of mortgage financing in the country – Freddie Mac and Fannie Mae – think not.

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