On March 31, 2020, Fannie Mae in an update to Lender Letter 2020-04 and Freddie Mac in Bulletin 2020-8 announced appraisal relief. The relief applies to loans with application dates on or before May 17, 2020.

Both the Fannie Mae and Freddie Mac appraisal relief announcements apply to purchase transactions involving new construction, and Freddie Mac also addresses appraisal relief for GREENChoice MortgagesSM. Freddie Mac notes that the relief does not apply to CHOICERenovationSM Mortgages.

Fannie Mae also addresses inspection relief for HomeStyle® Renovation Loans, but notes that the appraisal relief does not apply to the loans.