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Updated over 10 years ago on . Most recent reply
Lender informs me of new Fannie Mae rule requiring minimum appraisal value???
So I am in the middle of purchasing my second rental property. I am getting a loan through a local bank. My lender just asked me if the property being purchased will appraise for at least $75k. She told me, "Fannie Mae just put a guideline in place saying that an investment property must appraise for at least $75k for us to do a loan on the home."
I will have to reestablish my buying criteria if this guideline persists.
Is this a fact? How do I validate this?