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So You Qualify For A PIW...Now What?

Recently Fannie Mae and Freddie Mac have begun offering PIW's (Property Inspection Waivers) to certain borrowers under certain conditions. This enables the lender to provide a home loan without having an appraisal completed for the loan. Why? It really comes down to risk. Borrowers who meet certain criteria have a low risk of defaulting on their loan. For the lender, it's all about risk. That makes sense since they are in business to make money. The lender knows that even if the amount being lent on is higher than the market value of the home being purchased, or borrowed against, the borrower is less likely to default. Therefore, less importance is placed on the collateral, namely, the marke

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