Below is a list of the main sections in the Fannie Mae Selling Guide that address appraisal requirements. We have included a brief description under each section that highlights the relevant information you will find in that area. Please note this list does not encompass every section that relate to appraisals in the guide and should only serve as a reference point.

Part B, Origination through Closing


Chapter B4-1, Appraisal Guidelines

Appraisal Guidelines

Section B4-1.1, General Appraisal Requirements

  • B4-1.1-01, General Information on Appraisal Requirements (07/26/2011)

  • B4-1.1-03, Appraiser Selection (12/01/2010)

  • B4-1.1-04, Use of Supervisory or Review Appraisers (10/30/2009)

  • B4-1.1-05, Field Reviews (04/01/2009)

Section B4-1.2, Appraisal Document Standards, Report, and Property Inspections

  • B4-1.2-01, Age of Appraisal or Age of Property Inspection (07/26/2011)

  • B4-1.2-02, Objective and Unbiased Appraisals (04/01/2009)

  • B4-1.2-03, Definition of Market Value (04/01/2009)

  • B4-1.2-04, Requirements for Postponed Improvements (07/26/2011)

  • B4-1.2-05, Requirements for the Appraisal Report (07/26/2011)

  • B4-1.2-06, Appraisal Forms and Report Exhibits (09/27/2011)

  • B4-1.2-07, Certifications and Statements of Assumptions and Limiting Conditions (04/01/2009)

Section B4-1.3, Special Appraisal Considerations

  • B4-1.3-01, Special Appraisal Considerations for Properties Affected by Environmental Hazards (04/01/2009)

  • B4-1.3-02, Special Appraisal Considerations for Factory-Built Housing (04/01/2009)

  • B4-1.3-03, Special Appraisal Considerations for Modular, Prefabricated, Panelized, or Sectional Housing (04/01/2009)

  • B4-1.3-04, Special Appraisal Considerations for Mixed-Use Properties (04/01/2009)

  • B4-1.3-05, Special Appraisal Considerations for Properties in Special Assessment Districts (04/01/2009)

  • B4-1.3-06, Special Appraisal Considerations for Properties Subject to Leasehold Interests (04/01/2009)

  • B4-1.3-07, Special Appraisal Considerations for Units in Co-op Projects (04/01/2009)

  • B4-1.3-08, Special DU Property Fieldwork Requirements for Foreclosure and REO Properties (10/30/2009)

Section B4-1.4, Appraisal Report Assessment

  • B4-1.4-01, Reviewing the Appraisal Report (04/01/2009)

  • B4-1.4-02, Appraisal Report Review: Urban Properties (04/01/2009)

  • B4-1.4-03, Appraisal Report Review: Property Location (04/01/2009)

  • B4-1.4-04, Appraisal Report Review: Trend of Neighborhood Property Values, Demand/Supply, and Marketing Time (10/30/2009)

  • B4-1.4-05, Appraisal Report Review: Site Analysis Parameters (10/30/2009)

  • B4-1.4-06, Appraisal Report Review: Subject Property Zoning (12/01/2010)

  • B4-1.4-07, Appraisal Report Review: Site Utilities (04/01/2009)

  • B4-1.4-08, Appraisal Report Review: Off-Site Improvements (04/01/2009)

  • B4-1.4-09, Appraisal Report Review: Special Flood Hazard Area (04/01/2009)

  • B4-1.4-10, Appraisal Report Review: Improvements Analysis Overview (04/01/2009)

  • B4-1.4-11, Appraisal Report Review: Conformity of Improvements to Neighborhood (04/01/2009)

  • B4-1.4-12, Appraisal Report Review: Actual and Effective Ages of the Improvements (10/30/2009)

  • B4-1.4-13, Appraisal Report Review: Insulation and Energy Efficiency of the Improvements (04/01/2009)

  • B4-1.4-14, Appraisal Report Review: Layout, Floor Plans, and Gross Building and Living Areas (04/01/2009)

  • B4-1.4-15, Appraisal Report Review: Property Condition and Quality of Construction (07/26/2011)

  • B4-1.4-16, Appraisal Report Review: Sales Comparison Approach (06/30/2010)

  • B4-1.4-17, Appraisal Report Review: Adjustments to Comparable Sales (04/01/2009)

  • B4-1.4-18, Appraisal Report Review: Lender Review of the Adjustment Grid (10/30/2009)

  • B4-1.4-19, Appraisal Report Review: Cost Approach to Value (04/01/2009)

  • B4-1.4-20, Appraisal Report Review: Income Approach to Value (04/01/2009)

  • B4-1.4-21, Appraisal Report Review: Valuation Analysis and Final Reconciliation (06/30/2010)

B5-1.1-01, High-Balance Mortgage Loan Eligibility and Underwriting (10/30/2009)

Appraisal requirements for high balance mortgages

B5-2.1-01, Mortgages with an Interest-Only Feature (09/20/2010)

Appraisal requirements for interest-only mortgages

B5-2.3-04, Manufactured Housing Appraisal Requirements (04/01/2009)

B5-3.2-03, Homestyle Renovation Mortgages: Underwriting and Collateral Considerations (03/31/2011)

Appraisal requirements for Homestyle Renovation Mortgages

Section B5-3.3, Mortgage Loans with Energy Improvement Features on Existing Properties

B5-3.3-01, Mortgage Loans with Energy Improvement Features on Existing Properties (03/31/2011)

Appraisal Requirements for mortgages with energy improvement features

B5-4-07, Disaster-Related Limited Cash-Out Refinance Flexibilities (07/26/2011)

Appraisal Requirements for disaster-related cash-out Refinance

Chapter B5-5, Community Seconds, Community Land Trusts, DU Refi Plus™ and Refi Plus™, and Loans with Resale Restrictions

Section B5-5.2, Loans with Resale Restrictions

B5-5.2-03, Loans with Resale Restrictions: Underwriting and Collateral Considerations (04/01/2009)

Resale Restriction Appraisal Requirements