Appraisals no longer on certain home sales
Dear Clients and Friends,
Starting in October 2019, some home sales under $400,000 no longer require an appraisal. Previously, appraisals were not required on home sales of $250,000 and below. But federal regulators just approved a rule that will raise the threshold for the first time in 25 years.
Loans that are partially insured by, or eligible for sale to, a government agency such as the FHA, VA, Fannie Mae or Freddie Mac will still require an appraisal, per each agency’s rules.
Generally, that means loans affected by this rule are those held in a lender’s private portfolio or those sold to secondary market investors via private-label securitization. Regulators say the new rules will apply to approximately 40 percent of home sales.
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