The return of No Appraisal Loans (a.k.a. Property Inspection Waivers) is looming.
Fannie Mae recently announced that on December 10th, the flood gates are opening.
Who will qualify?
-700+ credit scores
-sub 45% Debt to Income Ratios
-property located in solid area (sorry Algonquin… much love homey)
Why are PIW’s BAD ASS?
-they save you $450ish on an Appraisal.
-you can eliminate your PMI. Maybe you bought a home in past 5 years and STILL paying PMI. This no appraisal Refinance will effectively allow you to “state” your Appraised value. Which if you have a jazzy inside guy like me, we can “strategically” state your value at 80%, thus eliminating that pesky PMI. Insert your Garth Brooks friends in low places joke here.
-kill 2 birds with one stone. Lower rate and eliminate PMI. Multitasking is cool.
What to do?
-hit me up via email at dgassman@swanhelp.com
-or if you prefer long idle awkward pauses in phone conversation 502-396-1375