FNMA Waives Appraisals on Refinances!

FNMA finally announced that they will allow appraisal waivers effective April 9, 2009!

Read that again as this is especially important for Michigan homeowners who's houses have little to no equity or are upside down!  

Your home's value won't stop you from taking advantage of historically low rates or from getting out from under an adjustable rate mortgage.

We'll have to run your application data through FNMA's automated underwriting system (called Desktop Underwriter or DU for short) and get the proper response.

Closing costs & escrows will be allowed to be rolled into the mortgage amount, so you won't have to come out of pocket with anything but our $50 application fee.

This won't go into effect until April 9, but call me ASAP to get your application going so we can move quickly soon after that date.  I anticipate the whole approval and underwriting system getting backed up, so let's get started NOW and get ahead of everyone else:)

Please refer me to your family, friends, neighbors and coworkers, so they can take advantage of this opportunity also!  As of September 30, 2008 over almost half the financed properties in Michigan were basically upside down. 

This is a fantastic opportunity, don't let anyone you care about miss out on it:)

You can read the entire announcement here: https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu71aprupd.pdf

Drew Sygit
CMPS, CMC, CRMS, CMLO, CALO, MBA, NAMB/MMBA Instructor

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