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Appraisal Wavier Requirements for Conventional Loans | No Appraisal

byNicholas Auriemma, NMLS# 1455001
3 weeks ago
inAppraisal, Conventional Loan
Appraisal Wavier for Conventional Loans

Appraisal Wavier Requirements for Conventional Loans | No Appraisal

Looking to see if a property is eligible for a property inspection waiver through the Automated Underwriting System? A Fannie Mae appraisal waiver or Freddie Mac appraisal waiver eligibility is determined during the pre-approval process. It is important that a Loan Originator checks both options to prevent paying for an appraisal.

Appraisal Waiver Requirements

Property inspection waivers are determined during the pre-approval process – when a full application is taken and a loan casefile is submitted to the Automated Underwriting System. Loan casefiles must receive an eligible recommendation.

Fannie Mae Appraisal Waiver Eligibility Requirements

To be eligible for a Fannie Mae appraisal waiver, the automated underwriting system typically includes the following:

  • Property is a one-unit.

Principal and second homes:

  • 90% or lower loan-to value on a limited cash out refinance.
  • 80% or lower loan-to-value on a purchase transaction.
  • 70% or lower loan-to-value on a cash out transaction for a principal residence.
  • 60% or lower loan-to-value on a cash out transaction for a second home.

Investment property:

  • 75% or lower loan-to value on a limited cash out transaction.
  • 60% or lower loan-to-value on a cash out transaction.

Eligibility Requirements for a Freddie Mac Appraisal Waiver

To be eligible for a Freddie Mac appraisal waiver, the Automated Underwriting System often includes the following loan criteria:

  • One unit dwelling.

Purchase transactions for second homes and primary residence:

  • Up to 80% loan-to-value.

No-cash out refinance for primary residences and second homes up to:

  • 90% loan-to-value.

Cash out refinances:

  • Primary residences up to 70% loan-to-value.
  • Second homes up to 60% loan-to-value.

Some mortgage companies do not run both Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector. By working with a mortgage company that runs both Automated Underwriting Systems will increase the chance of obtaining a property inspection waiver.

Mortgages that Do Not Require an Appraisal

  • The Automated Underwriting System can trigger a Fannie Mae appraisal waiver when Desktop Underwriter accepts the value submitted, which is ran by a Loan Originator or Underwriter.
  • Freddie Mac appraisal waiver is also triggered by Loan Originators and Underwriters when running the Automated Underwriting System – Loan Prospector.
  • An FHA Streamline refinance does not require an appraisal but must meet the net tangible benefit requirements.
  • VA interest rate reduction refinance (VA IRRRL) does not require an appraisal.
  • A new appraisal is not required on a USDA streamline refinance.
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When Should You Pay Points on a Mortgage | Common Mortgage Mistakes

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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  • Request Information
    • Apply Now
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    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
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