Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
The FHFA announced expanded guidelines for appraisal waiver increasing the maximum loan to value (LTV) from 80% to 90% on purchase transactions. An appraisal waiver is not guaranteed on all conforming mortgages. Loans are submitted to the automated underwriting systems for Fannie Mae or Freddie Mac, which determine whether or not a transaction will receive an appraisal waiver.
Possible eligible transactions include: [Read more…]
I’m honored to have been quoted in the Seattle Time‘s yesterday in Katherine Khashimova Long’s article “Autumn of heartbreak for home shoppers as Seattle-area prices hit new record highs”. My quote wound up being a tid-bit in the article and I thought it would be interesting to share some of the points that we discussed during the interview. [Read more…]
Some conforming mortgages for refinances or home purchases may not require an appraisal. It all boils down to what the response is from Fannie Mae or Freddie Mac’s automated underwriting systems on whether or not an appraisal is required. You may have perfect credit and tons of equity in your home, yet no appraisal waiver if Fannie or Freddie’s underwriting systems determine it’s not eligible.
Your next conforming mortgage might be eligible to not have an appraisal if it meets the following criteria: [Read more…]
Please visit our updated Refinance Guide for Homes in Washington.
In order to be eligible for to have an appraisal waived, Fannie Mae’s automated underwriting system, Desktop Underwriter (specifically version DU 10) must determine the property qualifies. This process takes place once the lender has an application and has ran it through Desktop Underwriter.
Refinance transactions that are eligible to have an appraisal waived include: [Read more…]
