Yesterday, FHFA directed Fannie Mae and Freddie Mac to allow the use of appraisal alternatives to reduce the need for appraisers to conduct interior property inspections for eligible mortgages through May 17, 2020.
Fannie Mae has issued temporary guidance on appraisal requirements, including allowing desktop and exterior-only appraisals on many mortgage transactions. This guidance includes links to modified certifications and instructions for both Desktop Appraisals and Appraisals with Exterior-only Inspections. Full Announcement Available Here.
Similarly, Freddie Mac issued Selling Guidance Related to COVID-19, which contains temporary guidance on appraisal requirements. Under the guidance, lenders will be allowed to use desktop appraisal and exterior only appraisals for purchase transactions through May 17, 2020. More information is available here.
"Amidst the sea of change to which the New Hampshire Association of REALTORS has played witness in its 85 years, one thing that has remained constant is the Realtor 'R' and the value we bring to every real estate transaction in which we take part. We are part of a unique community where our familial cooperation transcends our business competition. These are not mere platitudes, but our living ideals, and they are, in fact, the foundation on which we conduct ourselves in our day-to-day affairs."
Jim Lee, 2021 President, New Hampshire REALTORS