In case you missed recent mortgage news, we’ve got you covered!
Fannie Mae Now Offers Appraisal-Free Mortgages
Fannie Mae, along with Freddie Mac, is now offering appraisal-free purchase mortgages through Property Inspection waivers. The best part? Without the need for an appraisal, homebuyers save costs and WE can close your homes faster!
What you need to know:
- Property Inspection Waivers remove the appraisal requirement on eligible transactions.
- Due to the lower Loan-to-Value (LTV) requirements, many homebuyers will still need appraisals.
- Both agencies have a different set of requirements so call today to learn how we can help!
Hurricane Housing Support
Hurricane Harvey has left substantial damage. Here’s what you need to know:
Fannie, Freddie, and the FHA are offering Harvey victims temporary relief from foreclosure. This applies to homeowners in Federal Emergency Management Agency (FEMA) declared disaster areas.
- Fannie Mae: Homeowners may also be eligible for forbearance – suspended or reduced mortgage payment for up to 6 months.
- Freddie Mac: Up to 12 months can be possible for homeowners seeking forbearance.
- FHA: As of Monday, September 4th, the FHA is allowing a 90-day forbearance on foreclosures.
Support is also being offered to those who are and may be impacted by Hurricane Irma:
- Fannie Mae: Forbearance may be available for up to 90 days. In certain circumstances, this can be extended to 12 months.
- Freddie Mac: For those in impacted areas, up to 12 months can be possible for homeowners seeking forbearance.
Housing Prices on the Rise
The housing market has seen the cost of buying a home jump:
- The low supply but consistent demand is keeping prices on the rise (July saw prices increase by 6.7% from the previous month).
- Homes that were once undervalued during the housing crash are now considered overvalued.
- Despite rising prices, buyer demand is still high. Requests for home tours are up 35% from last year.