Who is eligible for Fannie Mae desktop appraisal?

Who is eligible for Fannie Mae desktop appraisal? .

Fannie Mae desktop appraisal eligibility is determined by several factors including the type of financing, the property type, and the loan-to-value ratio. Desktop appraisals are a convenient and cost-effective alternative to traditional appraisals, but not everyone is eligible to use this option.

In order to be eligible for a Fannie Mae desktop appraisal, the loan must be a purchase or rate/term refinance transaction. Cash-out refinances, new construction loans, and renovation loans are not eligible for a desktop appraisal. Additionally, the property must be a one-unit single-family dwelling or a condo unit. Multi-unit properties, manufactured homes, and cooperative units do not qualify for a desktop appraisal.

The loan-to-value (LTV) ratio must also be within a certain range for a borrower to be eligible for a desktop appraisal. The LTV ratio is calculated by dividing the loan amount by the appraised value of the property. Fannie Mae sets specific LTV requirements for different loan types, and borrowers must meet these requirements in order to qualify for a desktop appraisal.

Desktop appraisals offer several benefits for eligible borrowers. They are typically faster and less expensive than traditional appraisals, which can help borrowers save time and money during the loan process. Additionally, desktop appraisals can be completed without the need for an in-person inspection of the property, making them a convenient option for borrowers who are unable to schedule an appraisal appointment or who prefer to minimize contact during the appraisal process.

Overall, Fannie Mae desktop appraisals are a valuable tool for eligible borrowers who meet the criteria for this appraisal option. By understanding the eligibility requirements and benefits of desktop appraisals, borrowers can make informed decisions about their loan options and choose the appraisal method that best meets their needs.

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