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Fannie & Freddie change home mortgage appraisals over COVID_19

April 1, 2020 by Scott Sheldon

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fannie made change to home appraisal covid_19

The coronavirus has just changed the way in which mortgage lenders are now appraising homes. Due to market volatility and changing market conditions, Fannie Mae and Freddie Mac just recently announced that they’re going to be loosening appraisal standards. Here’s how these new appraisal standards apply to you…

On purchase transactions for a primary residence mortgage lender now only want an exterior appraisal only a drive-by. This is up to 97% loan to value for primary residence transactions.

On rate and term refinance for a primary home second home or a rental property the same applies exterior appraisal inspection only.

On a Cash-out refinance a full interior and exterior appraisal report. No matter what the occupancy, a full interior, and exterior inspection appraisal are going to be required. Additionally, these are changes to Fannie Mae and Freddie Mac loans only not government loans such as FHA, VA, and USDA. This also does not cover Jumbo loans which are any loan size greater than the maximum conforming high balance loan limit in the area in which the property is located. So for example in Sonoma County, California the loan limit is $704,950 anything for a loan bigger than $704,950 on a case-by-case investor basis only may not require a full inspection report.

Mortgage tip: that home improvement project you’ve been working on for redoing the bathroom etc. will no longer cause your rate and term payment reduction loan to be on hiatus.

Looking for a low-cost mortgage? Get a fast quote now.

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Filed Under: Credit Score Info, Interest Rates Tagged With: buying a house, home buying, qualifying for a mortgage, Santa Rosa mortgages, sonoma county home buying, sonoma county refinancing

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Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
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Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

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