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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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. 


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