Our Exclusive! Appraisal Waivers Now Available
We have partnered with a wholesale lender to give us a big advantage over our competition: appraisal waivers. This means we run the loan through Fannie Mae or Freddie Mac and receive a waiver for the appraisal, which means that no physical appraisal is needed saving borrowers money in appraisal fees.
Fannie Mae Enhancements
Fannie Mae is changing a number of guidelines to make lending easier. Below are the changes for loans submitted to underwriting effective immediately:
- Student Loans
- Monthly payments will now be based off of the amount showing on the credit report or 1% of the remaining balance.
- Student loan debts may be paid off to qualify and classified as a rate/term refinance.
- Condominium Reviews
- Fannie to Fannie rate/term refinances up to 80% LTV, will no longer require a condo review.
- Eligible in all 50 states
- Debts Paid by Others
- Non-mortgage debts paid by non-borrowers can now be excluded from the debt ratio calculation with 12-months canceled checks.
- Properties Listed for Sale in the Previous Six Months
- Cash-out refinances will no longer be capped at 70% LTV when the subject property has been listed for sale in the previous six months. With this update, properties that were listed for sale must be taken off the market on or before the disbursement date of the new loan.
- Truncated Asset Account Numbers
- Truncated or masked account numbers for bank and portfolio or investment accounts where at least the last four digits are displayed are now allowed on asset documentation.