Forgotten Your Password?

Need to Register?

Question Icon

property inspection waiver?

What is a property inspection waiver? How can that affect my eligibility to refinance with HARP? by JVorhe_288_997 from Chandler, Arizona. Sep 5th 2012 Reply


Barb Lanis (BarbLanis)
#4 ranked lender in Illinois - 570 contributions

The PIW doesn't affect your eligibility at all for a HARP refinance. It's something that's "granted" by either Fannie or Freddie when your data is run through their underwriting systems. It's a good thing for you! It means no appraisal is needed which also results in lower closing costs - at least the cost of the appraisal. I also lend in AZ if you have further questions.

Sep 5th 2012
1
0
Bert Carpenter (BertCarpenter)
#41 ranked lender in Arizona - 1,731 contributions

A property inspection waiver is offered by Fannie Mae on certain loans where Fannie Mae does not require an appraisal. For HARP, this can be good. Most HARP lenders will not accept an appraisal and require a PIW to qualify ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Sep 5th 2012
1
0
Peter Botros (PeterBotros)
#76 ranked lender in New York - 895 contributions

Fannie Mae autimated underwriting system will take all of the info into account and may decide that an appraisal is not needed to qualify for the loan.

Sep 5th 2012
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,761 contributions

It just means that when a lender runs your file through the automated underwriting system (DU, LP), they have come up with a property value based on an internal Appraisal Valuation Model (AVM), and will allow the borrower to finance without the necessity for an appraisal. Most lenders charge $75 to fill out this waiver.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Sep 5th 2012
1
0
Sandy McKee (smckee)
#44 ranked lender in Arizona - 23 contributions

A property inspection waiver is part of the findings from the Fannie Mae underwriting engine. Most lenders require a property inspection waiver in order to proceed with the processing of a HARP loan. I hope this helps. Please feel free to call me with any questions. Sandy McKee 520-907-3225

Sep 5th 2012
0
0
Jamie St.Claire (jamie@creativeaz.com)
#37 ranked lender in Arizona - 1 contribution

Your property may be eligible for a Property Appraisal Waiver. Participation in this means that your lendermay be able to waive the appraisal report as a condition for approving or granting your mortgage loan. Youshould not rely on such a decision as your support of the value of your property for any purpose. You maydecide that you want an appraisal to protect your own interests in the transaction.If your property meets the eligibility criteria and you chose to participate, your lender will not obtain an appraisal and therefore, a copy of an appraisal report will not be available to you. Although you will not becharged for an appraisal, you will be charged for this waiver. If you paid an application fee, which includedthe amount for the appraisal, and you chose the waiver, the difference between the cost of the waiver andthe appraisal will be credited to you at closing.If the waiver is used for a purchase transaction, your lender will accept the sales price as the value. If thewaiver is used for a refinance transaction,, the lender will use your estimate of value. In no event is yourlender making any representation or warranty as to the value or condition of your property. If your propertyis eligible for the waiver, but you do not wish to exercise this option, your lender will require either a property appraisal to support its extension of credit.If you have an other questions feel free to call Jamie @ 602-619-3610 or you could email me at jamie@creativeaz.com

Sep 5th 2012
0
0
Jeremy Redlinger (JeremyR)
#34 ranked lender in Minnesota - 183 contributions

A property inspection waiver is issued by Fannie Mae or Freddie Mac when refinancing under the HARP program. When your information is ran through their automated underwriting systems they will give you a value for your home. If this value works for your refinance you have the option of using that value in place of an appraisal. However, if you believe your home can appraise for more than the value given to you, you have the option to order an appraisal.

Sep 5th 2012
0
0
()
#0 ranked lender in

All good answers by other brokers.

Sep 5th 2012
0
0
Subscribe to our news feed.