Appraisal Documentation Requirements

Requirements

  • Determined by AUS Findings. Property Inspection Waivers from DU or Appraisal Waivers from LPA are acceptable.
  • A Market Conditions Addendum (Fannie Mae Form 1004MC/Freddie Mac Form 71) is required for all loans delivered with appraisals of one to four unit properties. It must be included with appraisal Forms 1004/70, 1025/72, 1073/465, 1075/466, 2055/2075.
  • A full appraisal is required, regardless of AUS findings, if any of the following conditions exist, or when required by the Agency:
    • Purchase transactions of REO properties and all purchases of properties whose most recent transaction was a foreclosure sale
    • Apparent adverse physical deficiencies or conditions
    • Apparent adverse environmental conditions
    • The subject property does not conform to the neighborhood
  • The appraisal must be dated within 120 days of the note date.