Appraisal and Property Requirements Updates - Effective October 5
Chase will remove the requirement for Rent Loss insurance for all investment properties when rental income is used to qualify.
Note: Chase will continue to require the co-op corporation to maintain Rent Loss insurance when there are co-op units not occupied by tenant-shareholders Disaster Inspections
On properties appraised prior to a disaster, Chase requires an updated exterior inspection to determine a property’s post disaster condition. Chase will allow two additional forms that can be used when determining if a property appraised prior to disaster sustained damage.
The following property inspection forms will be accepted:
- Appraisal Update and/or Completion Report (1004D)
- Correspondent Inspection of Property Condition
- Property Inspection Report (Fannie Mae Form 2075)
- Disaster Inspection Report, or Disaster Area Inspection prepared by a certified appraiser or a Disaster Inspection Company
As a reminder, if the subject property sustained more than minor cosmetic damage, a new interior appraisal is required and all damage must be repaired prior to purchase by Chase.
Chase Limited Condominium Review expansion
Good news! The Chase Limited Review for Established Condominium Projects topic will be revised to expand the maximum LTV and CLTV for primary residences and to clarify Non-Agency requirements effective October 5. Note: Florida has geographic restrictions.
|Fannie Mae* / Freddie Mac*||Non-Agency*|
|Primary: 90/90%||Primary: 85/85%|
|Second Home: 75/75%||Second Home: 75/75%|
|Florida Geographic Restriction*|
|Primary: 75/75%||Primary: 70/70%|
|Second Home: 70/70%||Second Home: 70/70%|
- Maximum allowed LTV/CLTV is the lower of table above or Chase Product Guide.
- See applicable Chase Product Guide for credit characteristics of the transaction, including but not limited to FICO and DTI requirements.
- Investment properties are not eligible.
See CB15-54 Appraisal and Property Requirements Updates for complete information on these updates.