Selling Guide

Published June 3, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

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Are the desktop appraisal flexibilities allowed for new construction purchase transactions available for second homes?

Note: This FAQ comes from the published COVID-19, FAQs on Appraisals

In Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals, Fannie Mae provided appraisal flexibility for new construction purchase transactions by allowing for completion of “desktop” appraisals. Is this flexibility available for all new construction purchase transactions, including second homes?

No. New construction purchase transactions are subject to the requirements provided in LL-2020-04, including all requirements in the permissible appraisal requirements chart. Therefore, second homes with an LTV greater than 85% require a traditional appraisal report.

For more information, refer to the published Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals.

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