Desktop appraisals will be available in Freddie Mac and Fannie Mae’s Automated Underwriting Systems, with some exceptions.

Freddie Mac and Fannie Mae recently announced that desktop appraisal offerings are available in their Automated Underwriting Systems. Generally, purchase transactions with a LTV of 90% or lower, and for one-unit, primary residences may receive a desktop appraisal offering.  If a desktop appraisal option is selected, the appraisal must include a floor plan exhibit in addition to all other required exhibits, per each agency’s Selling Guides. The following scenarios are ineligible for the desktop appraisal option:

•       Second homes and investment properties
•       Limited cash-out and cash-out refinances
•       Construction-to-permanent loans
•       Two-to-four unit properties
•       Community seconds with subsidized sales price, community land trusts, or other properties with resale restrictions.
•       Condo and co-ops units, and manufactured homes and
•       Case files that receive an ineligible recommendation.  

Source: Fannie Mae and Freddie Mac