COVID-19: Appraisal Updates

HUD, VA and USDA all have protocols in place for exterior appraisals. All three entities announced on Friday, March 27th, the ability for appraisals to be completed based upon exterior-only observations.  This was critical to allow pending sales to move forward, and also critical to allow consumers access to credit with the very low interest rates. The Federal Housing Finance Agency (FHFA) had directed Fannie Mae and Freddie Mac to allow the use of appraisal alternatives to reduce the need for appraisers to conduct interior property inspections for eligible mortgages through May 17, 2020. Read:

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