The May 2018 Selling Guide expands our Community Seconds® provider options and clarifies our property inspection waiver (PIW) requirements. These changes:
- Support homeownership opportunities by allowing Native American tribes and their sovereign instrumentalities to provide grants or Community Seconds loans to borrowers. These funds are eligible to cover all or part of a down payment, closing costs, and/or property renovations.
- Allow lenders to exercise PIWs on properties located in disaster areas when Fannie Mae has received a post-disaster appraisal on the property. Lenders must confirm that the loan meets all PIW criteria to get Day 1 Certainty® with freedom from representations and warranties on property value, condition, and marketability.
Read about these updates in Selling Guide Announcement SEL-2018-04. For a summary of key updates in this Selling Guide Announcement, view the executive perspectives video presented by Khristi Waters, Director, Credit Policy, and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.