One of the reasons why an appraisal waiver can be denied is if the lender has any reason to believe that an in-person appraisal is needed. That gives lenders wide discretion in determining who qualifies for an appraisal waiver and who doesn't.

Rural High-Needs Value Acceptance (Appraisal Waiver) In selected rural high-needs areas, Fannie Mae may offer a value acceptance (appraisal waiver) through DU for certain transactions. This value acceptance (appraisal waiver) may be combined with other loan products, such as HomeReady.

A four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower. A two-year waiting period is permitted if extenuating circumstances can be documented.

With Freddie Mac if the gap is greater than or equal to six months, a letter of explanation from the client is required explaining the circumstances surrounding the gap in employment. Freddie needs a 12-month work history in the last 24 months. Only full time hourly or salary allowed in these cases.

Yes. Appraisal waiver offers are valid for 120 days. If the offer is more than 120 days old on the Note Date for the loan, you must resubmit to Loan Product Advisor to determine if the loan is still eligible for an appraisal waiver.

For each Mortgage transaction that requires an appraisal, the Mortgage file must contain an appraisal report that meets Freddie Mac's requirements to evidence that the Mortgaged Premises is acceptable collateral.

Tax returns must be: The Borrower's signed copy of the U.S. federal income tax return(s) that were most recently filed with the Internal Revenue Service (IRS) A complete tax return, including all applicable schedules and forms (which includes all W-2s, K-1s and 1099s)