20 year mortgage banker with 6 years of solar sales to help scale my business. Producer of positive vibes and father to two beautiful girls.
🚨 Huge News For Homebuyers from Fannie Mae/Freddie Mac!!! 🚨🚨 👇🏻👇🏻👇🏻👇🏻 Fannie Mae and Freddie Mac have just increased their appraisal waiver programs from 80% to 90% LTV/TLTV. This means more home buyers will be able to put just 10% down and avoid the expense and waiting period of a traditional appraisal. These waivers allow lenders to underwrite loans without an appraisal, using historical data and public records instead. In addition, the pair's more robust inspection-based appraisal waivers will allow LTVs as high as 97%, meaning just 3% down w/o an appraisal. Freddie Mac says the move will help lower-income borrowers, including many first-time homebuyers. Fannie Mae says, "Responsibly increasing the eligibility for valuation options that leverage data- and technology-driven approaches can also help reduce costs for borrowers." The changes are expected to go live in Q1 2025. To date, Freddie Mac’s ACE waivers have saved borrowers more than $1.63B in appraisal fees, while Fannie Mae's appraisal alternatives have saved more than $2.5B. Perhaps not good news for appraisers. But faster, cheaper, and easier closings for home buyers.
