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Appraisal Waivers: What are They? Who's Eligible?
Staying responsive to the needs of borrowers remains a positive and prime focus and is especially warranted during this challenging time.
 
    
 
Appraisal Waivers:
What are They? Who's Eligible?
 
Many changes surrounding residential appraisals have occurred recently.  Some have come as a response to the challenges presented by Covid-19.  Others were put into place prior to our facing current viral challenges.
 
In this article, I address only those changes made to appraisal requirements and options for Conforming Conventional Loans.  The following are what "Appraisal Options" can mean in those specific cases.   First, it should be pointed out before proceeding: No two loans (or borrower(s) are the same, so no blanket-statement can be made or cover every situation or appraisal requirements required in every transaction. Each scenario must be considered singularly and upon its own merit.
  So to simplify things a bit, moving forward I will reference only those conventional loans being placed, sold, and guaranteed by Fannie Mae or Freddie Mac.  (Originally these guidelines were good on loan applications through May 17, 2020, but just recently they were extended to June 30, 2020.) 
Certain conventional loans can receive an "Appraisal Waiver" ... when either the Property Price (for purchases) or Estimated Value (for Refinances) ... is ... more

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