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.