Hit the comment section if we're missing anything and we'll get it updated to keep this as an up-to-date list of COVID-related changes to underwriting guidelines, forbearances, etc.  The changes come at the direction of FHFA and are thus substantially similar for both agencies.  To keep things simple, we're listing one bullet point for both agencies.  Click on the agency link to see specific details directly from the agency.

Underwriting Guideline Changes (Fannie | Freddie)
  • VERIFICATION OF EMPLOYMENT (VOE) can be complete via email, paystub, or bank statement
  • APPRAISALS may be "desktop appraisals" or "exterior only" if there is sufficient property info available.  Lenders encouraged to accept appraisal waivers (PIW's)
  • DETAILED FAQ  
Help For Homeowners and Servicers  (Fannie Freddie)
Help For Renters (FHFA)
  • FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.


Expanded Eligibility for Automated Appraisals


 

Cash-out refinances

"No cash-out" refinances

Property type

Maximum total LTV (TLTV) ratio

Primary Residence

≤70%

≤90%

Second home

≤60%

≤90%

Temporary Appraisal Flexibilities - Fannie
Temporary Appraisal Flexibilities - Freddie

Permissible appraisal requirements

Mortgage purpose

LTV ratio

Occupancy type

Ownership of Mortgage being refinanced

Permissible appraisals

Purchase transaction*

Up to 97%

Primary Residence

N/A

Interior and exterior inspection appraisal, desktop appraisal or exterior-only appraisal

<85%

Second homes and Investment Properties

N/A

Interior and exterior inspection appraisal, desktop appraisal or exterior-only appraisal

>85%

Second homes

N/A

Interior and exterior inspection appraisal

No cash-out refinance

As permitted in the Guide

All

Mortgage being refinanced owned by Freddie Mac

Interior and exterior inspection appraisal or exterior-only inspection

Mortgage being refinanced not owned by Freddie Mac

Interior and exterior inspection appraisal

Cash-out refinance

As permitted in the Guide

All

Mortgage being refinanced owned or not owned by Freddie Mac

Interior and exterior inspection appraisal


Desktop Appraisal Matrix - Fannie

Desktop Appraisal Matrix - Freddie

Property type

Acceptable appraisal form

1-unit property, including a unit in a Planned Unit Development (PUD) or a Detached Condominium Unit

Form 70, Uniform Residential Appraisal Report

Condominium Unit

Form 465, Individual Condominium Unit Appraisal Report

Cooperative Unit

Fannie Mae Form 2090, Individual Cooperative Interest Appraisal Report

2- to 4-unit property

Form 72, Small Residential Income Property Appraisal Report

Manufactured Home

Form 70B, Manufactured Home Appraisal Report



Exterior-Only Appraisal Matrix- Fannie

Exterior-Only - Freddie

Property type

Acceptable appraisal form

1-unit property, including a unit in a Planned Unit Development (PUD) or a Detached Condominium Unit

Guide Form 2055, Exterior-Only Inspection Residential Appraisal Report

Attached Condominium Unit

Form 466, Exterior-Only Inspection Individual Condominium Unit Appraisal Report

Cooperative Unit

Fannie Mae Form 2095, Exterior Only Individual Cooperative Interest Appraisal Report

2- to 4-unit property

Form 72, Small Residential Income Property Appraisal Report

Manufactured Home

Form 70B, Manufactured Home Appraisal Report