Are You Looking To Buy A Condo? Good News Is Here!
For rental condo buyers, Fannie Mae recently announced that investment condo loans with 25%+ are now eligible for limited reviews which correlates with the improved loan pricing from Fannie Mae when putting 25%+ down as compared to only putting 15-20% down. Fannie Mae also expanded their Property Inspection Waivers (PIW) to condos in June. A PIW is often referred to as an "appraisal waiver", and allows lenders to close certain loans without the expense/time of appraisals. There's nothing agents, buyers, and sellers love more than hearing their transaction doesn't need an appraisal. PIWs are determined automatically by Fannie Mae's automated underwriting engine Desktop Underwriter or "DU." These recent Fannie Mae guideline reforms just made rental condo loans far simpler.