Skip to main content

Fannie Mae's Recent Appraisal Guideline Updates

     
 Fannie Mae's Recent Appraisal Guideline Updates
    
http://www.genemundt.com/ContactUs.aspx
      Fannie Mae recently updated some of their Appraisal and property-related guidelines ... 

     It's important to note that these updated Fannie Mae guidelines/points are NOT necessarily the policies of Lenders, Banks, and other entities ... and can NOT be applied universally for every scenario or every transaction.

     For instance:  It's been common practice for Appraisers to use Comparable Sales within 6 months of the appraisal date.  

     Fannie Mae states that it is acceptable to consider and include a sale from OVER 12 months ago, as it MAY be more appropriate than other more recent sales, which are actually less similar to the Subject Property.  The Appraiser must provide an adequate explanation and support for using such a sale ... and of course, reflect any increases or decreases in value (if any) from that time period to the present.  

     Please keep this in mind when transacting in smaller communities or rural locations where the number of recent and truly similar comparable sales are limited.   

     In this extreme case where appropriate, such as smaller housing markets or rural locations, it's also allowable for an Appraiser to use Comparable Sales and Listings located OVER one mile away.  But those sales and listings must be thoroughly and satisfactorily explained to Underwriters however.

     In rare and extreme cases: Appraisers can actually use and adjust for sales that otherwise are not truly comparable. Again, in those instances the Appraiser must fully-explain those Comparables as the best and most appropriate available at the time the Appraisal is performed.  

     Also keep in mind:  Guidelines have been put in place to address the comparability of sales by measuring the percentage of dollar adjustments made by the Appraiser to and from the respective Sales Prices of the Comparables.

https://1609956119.secure-loancenter.com/FreeConsult.aspx     New Information Available:  Fannie Mae will okay a loan on a property where the utilities were not turned-on at the time of the Appraisal.  

     However:  Lenders, Banks, End Lenders, or others involved in the transaction MAY insist on the utilities to be turned-on and noted to be functional.  There is no one answer to this question or issue.  

     Please consult your Lender for guidance ...


http://www.genemundt.com/ContactUs.aspx

     *  For answers to Mortgage questions and Mortgage assistance in the Chicago-area, please contact me.  I'll put my 37 years of Mortgage experience and expertise hard to work on your (or your clients') behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
https://1609956119.secure-loancenter.com/FreeConsult.aspx
 
  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender

 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Referrals are Welcomed!
    

 

Comments

Popular posts from this blog

Love Your New Construction .. But Educate Yourself About Future Tax Bills

Love Your New Construction ... But Educate Yourself About Future Tax Bills

*I want to preface this article by saying it's geography specific to the Chicagoland Area and its collar counties ...


So you've opted for building or buying a newly constructed home ... 

You've decided you'll invest most, or all, of your savings to cover Down Payment and Closing Costs.After all, it's a new home, you hopefully won't need money for repairs or improvements for quite a while, right?  

Plus:  The property taxes for your newly constructed home will initially be lower, as they'll be based upon the vacant lot on which your new home is built.  (The new home wasn't completed yet for the previous tax year's bill.) 

But how does this affectyour future tax bill and the tax portion of your monthly mortgage escrow payment?

When obtaining financing:  During your first year of a new construction occupancy, the real estate tax portion of your escrow account is based upon the last av…

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...


“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.

Rem…