New Fannie Mae Loan Program Means Fewer Appraisal Orders

http://realestateappraisertips.info/ – New Fannie Mae Loan Program Means Fewer Appraisal Orders

I received this from Appraiser, Dave Towne, yesterday:

“Appraisers……….

 

In April 2009, FannieMae is going to change their lending requirements on certain refi loans to remove the Full or ‘Drive-by’ appraisal requirement. This is for existing Fannie purchased loans.  Ability to ‘cash out’ will be restricted to no more than $2,000.

The most dramatic part of the new loan requirement is with properties which have fallen in value since the original loan was written, but the original value will be retained under this new loan underwriting program.

See the bottom of Page 2 and Page 5 from this announcement:

https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu71aprupd.pdf

Dave Towne

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