Selling Guide

Published April 1, 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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Why does Fannie Mae allow the desktop appraisal for purchase but not for refinances?

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

Why does Fannie Mae allow the desktop appraisal for purchase but not for refinances?

Homes available for purchase are the most likely to have current photos and data concerning the subject property. Refinances may have very dated information in the MLS, if any at all. Having the appraiser complete an exterior inspection provides current information about the home’s condition that might not be available otherwise. Reminder, for refinances of non-Fannie Mae owned loans and all cash-out refinances, we continue to require a traditional appraisal. 

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

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