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Fannie Mae releases rural appraisal requirements
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Fannie Mae has released a Lender Letter to help clarify appraisal requirements for valuing properties in rural areas and small towns that meet Fannie Mae’s property eligibility requirements. Since more remote locales can present a unique set of challenges for lenders and appraisers, the letter discusses best practices for appraiser selection, property eligibility and special considerations, as well as acceptable appraisal practices.
Fannie Mae recognized that unique properties require appraisers with unique skillsets.
“Residential properties often have characteristics that present difficulties for appraisers, such as unique building types, substantial distances between properties, large lot sizes that may include farmland, and non-public sources for various utilities,” the Lender Letter stated. “General lack of density and homogeneity demand reliance on appraisers with expertise and experience in these markets. Qualified appraisers who understand the characteristics of these markets are key to ensuring compliance with Fannie Mae property eligibility and appraisal requirements.”
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