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.

View All Selling Policy Updates

Download PDF

Hint: Ask in a form of a question.

What if a 1004D completion report cannot be obtained due to the pandemic?

Note: This information comes from the published Lender Letter, LL-2020-04, Impact of COVID-19 on Appraisals. 

 

Flexibilities for new construction loans:  adding additional options for documentation including the use of two new certification templates UPDATED Apr. 14, 2020 to add reference to LTV ratio requirements for appraisals.

  • Completion Reports for New Construction Properties - For new construction properties where the appraisal report was completed “subject to completion per plans and specifications,” if the lender is unable to obtain a completed Appraisal Update and/or Completion Report (Form 1004D) as a result of COVID-19 related issues, we will accept the Completion of Construction Certification

 

Completion reports (Form 1004D):  allowing alternatives when a Form 1004D cannot be obtained UPDATED Mar. 31, 2020 to exclude HomeStyle Renovation loans. 

  • Completion Reports (Form 1004D) - We require the Appraisal Update and/or Completion Report (Form 1004D) to evidence completion when the appraisal report has been completed “subject to.” For all loans for which a completion certification is not available due to issues related to COVID-19, (excluding HomeStyle® Renovation loans), we will permit a letter signed by the borrower confirming that the work was completed. Lenders must also provide further evidence of completion, which may include photographs of the completed work, paid invoices indicating completion, occupancy permits, or other substantially similar documentation. All completion documentation must be retained in the loan file. 

 

Related Articles

What are the requirements to use business assets?

Business Assets Business assets may be an acceptable source of funds for the down payment, closing costs, and financial reserves when a borrower...

Read more

What are the requirements when employment is scheduled to begin after the loan closes?

Employment Offers or ContractsIf the borrower is scheduled to begin employment under the terms of an employment offer or contract, the lender may deliver...

Read more

Are collection accounts and non-mortgage charge-offs required to be paid off?

Manually Underwritten LoansFor manually underwritten loans, collection accounts and charge-offs on non-mortgage accounts do not have to be paid off ...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.