Coronavirus Is Changing Home Appraisals, and Some Borrowers Don’t Need Them
In rare instances, appraisers are donning Haz-Mat suits to walk through pricey properties. In some cases, homeowners are connecting by Zoom or FaceTime to give tours to appraisers who no longer are walking through homes.
And for an increasing number of borrowers, mortgage giants Fannie Mae and Freddie Mac are skipping appraisals altogether. While the big mortgage enterprises, which back most home loans in the U.S., don’t spell out exactly who qualifies, the agencies in recent weeks have quietly expanded appraisal waivers. The free pass seems to be reserved for properties with lower loan-to-value ratios and no other red flags.