Empower your borrowers with reduced appraisal costs
Closing cost appraisal assistance for loans in Puerto Rico, Guam, and the U.S. Virgin Islands
Closing cost appraisal assistance
For loans in Puerto Rico, Guam, and the U.S. Virgin Islands
Fannie Mae is making homeownership more attainable through closing cost appraisal assistance for the U.S. territories of Guam, Puerto Rico, and the U.S. Virgin Islands. This program is designed to help reduce the financial burden of appraisal costs for eligible purchase and refinance loans.
Eligible Properties:
- One-unit properties
- Principal residencies
- Second homes
- Investment properties (COR and LCOR loans only)
Ineligible Properties:
- Two- to four-unit properties
- Co-op units
- Manufactured homes
- Purchase loans for investment properties
Lenders can apply for Fannie Mae’s closing cost appraisal assistance on eligible loans with application dates on or after July 27, 2024.
Territory-Specific Appraisal Assistance Amounts:
- Puerto Rico: $600
- Guam: $1,050
- S. Virgini Islands: $1,200
Reimbursement Process for Lenders
To receive reimbursement for appraisal assistance you provide to your borrowers, it is essential to execute a Special Requirement Agreement with Fannie Mae prior to loan delivery. Once the loan is delivered with the special feature code identified in the Special Requirement, Fannie Mae will reimburse the lender with the credited appraisal assistance amount.
