November 16, 2024 1:51 pm
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Fannie Mae joins Freddie in allowing appraisal-free purchase mortgages

Allows property inspection waiver on some low LTV loans

By Kelsey Ramírez | Housingwire

Fannie Mae is now following suit 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 its purchase loans, announcing it will go into effect on September 1, 2017.

Shortly afterward, Fannie issued its announcement: Property Inspection Waivers will be allowed on mortgages with low loan-to-value ratios. The GSE explained the change will allow lenders to offer better efficiency and cost savings.

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