![]() ![]() While Fannie Mae and Freddie Mac still require a traditional appraisal for the majority of their loan purchase programs, under the new rules homebuyers who make a down payment greater than 20% of the sales price and have good credit will no longer have to pay for an appraisal, which could save them more than $500 in closing costs. ![]() The new guidelines will save homebuyers and homeowners who are refinancing approximately $500 per transaction and could accelerate the processing time of their loans by up to two weeks. In yet another sign that the nation’s home lending market has returned to normal, mortgage investors Fannie Mae and Freddie Mac announced this week that they would no longer require appraisals for some home purchase loans and refinance loans. Fannie Mae, Freddie Mac No Appraisal Neededįannie Mae, Freddie Mac No Appraisal NeededĪugust 30th, 2017 Fannie Mae, Freddie Mac No Longer Require Appraisals for Some Home Purchase and Home Refinance Loans Homebuyers and homeowners stand to benefit. ![]()
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