Coronavirus has changed the way we do a LOT of things – it is also changing home appraisals.
People became more leery about visiting someone’s home or having someone come into their home to walk it for an appraisal.
Appraisals can be expensive – $400 – $750. It certainly helps the buyer if they don’t have pay for that. Government backed mortgage giants, Fannie Mae and Freddie Mac are allowing more and more homebuyers to skip that step and cost.
Even though Fannie Mae and Freddie Mac haven’t spelled out the criteria for no appraisal, one of the keys appears to be a large downpayment.
For more details on Coronavirus is Changing Home Appraisals – click here.
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