Appraisal Wavier Requirements for Conventional Loans | No Appraisal

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:

Principal and second homes:

Investment property:

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:

Purchase transactions for second homes and primary residence:

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

Cash out refinances:

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

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