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my lender said that appraiser could not find comps that were fannie mae aproved, what now?

this is for a single family primary residence, we both have 700+ credit scores, what can we do now?
  • July 10 2009 - Fountain
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Answers (3)

No such thing. If they really said that, find a new lender.
  • March 21 2011
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Comps should not need to be fannie mae approved, in fact there is no way to know for certain if a comps is fannie mae approved or not unless there is a report based on the condition of the home, and whether or not it meets certain criteria. I would suggest another appraiser, or get some clarification from your lender as to how they know if something is or is not fannie mae approved.
  • March 21 2011
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I never heard of fannie mae approved comps. Comps verify the value of the property. Now comps cannot be older than 90 days. Some lenders will allow comps more than 5 miles from the subject property. This is only for your type of property. Single family owner occcupied. I would ask to see the comps. If they do not exceed a 5 mile radius I would certainly question why. ..... Happy funding, Rudi Hofmann
  • July 11 2009
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