Is it possible to get a mortgage without an appraisal?
Fannie Mae has been slowly rolling out something called the “Property Inspection Waiver”(PIW). It is available to both new home buyers and refinances under certain situations. When a PIW is available the borrower can save both time and money by shortening the loan origination process. The Property inspection waiver provides a no-cost alternative to the traditional appraisal process.
Eligibility requirements for PIW consideration;
While most Loans will not receive an Approve/Eligible recommendation we are seeing them more frequently over the last month. If a property is not eligible they will require an appraisal by a qualified residential appraiser to establish the market value.
The following are just a few examples of what is not eligible for a PIW offer:
For a PIW to be considered for a refinance transaction a prior appraisal must be found for the subject property in Fannie Mae’s Collateral Underwriter (CU) data and that appraisal must be associated with one of the borrowers on the mortgage. Mortgage 1’s early adoption of the Property Inspection Waver is another example of how we use technology to streamline the mortgage process. If you are ready to start our digital mortgage process, click “Start Here”.
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