Fannie Mae and Freddie Mac are both government-sponsored enterprises (GSEs), which means that they’re private companies sponsored by the U.S. government. Both Fannie Mae and Freddie Mac have basically the same goal: to make it easier for the average American to obtain a home, by making it easier for them to get a mortgage on good terms.
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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.
Home Appraisals Almost Always Required for Purchases. Yes, a home appraisal is almost always required when using a mortgage loan to buy a house. This is true for “regular” conventional loans, as well as the government-insured FHA and VA home loans that are widely used today.
About 30 percent of purchasers who apply for a mortgage are turned down. Despite the tight lending environment, borrowers shouldn’t always take "no" for an answer. In some cases, they just need..
Fannie, Freddie to waive appraisals on some purchase loans.. That’s not always true on purchase loans, which is why "it’s important to have an appraisal as part of good risk management.
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· Freddie Mac says some borrowers can save as much as $500 on appraisal fees and close 7 to 10 days faster with a waiver. ace waivers will not be available for all condo properties.
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Fannie Mae streamline refinance without appraisal loans and other mortgage refinance without appraisal packages have other benefits. Most of them come with relaxed qualification standards, making it easier for you to qualify for a refinance even if your debt-to-income ratio is tight or if you have less than perfect credit.
· Appraisers will no longer be required to fill Form 1004MC, a market conditions addendum that was removed by Fannie Mae when it released its new Selling Guide updates this week. The form has been a.
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Fannie Mae is now following suite in the appraisal-free arena by allowing property waiver inspections on some purchase loans. Last week, Freddie Mac extended its appraisal-free mortgage program to.