Guide Update 26-21
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Instructions for Appraisers
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Primary Audience: Underwriting and Asset Management |
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HIGHLIGHTS |
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Effective as of August 19, 2026 for all newly ordered Appraisals, revised:
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Primary Changes
- Revised Instructions for Appraisers (Form 4827) to:
- update Property inspection requirements;
- require submission of at least 4 expense comparables;
- provide tax assessment analysis requirements;
- revise the sales comparison approach requirements;
- add cost approach calculation criteria for Properties newly constructed within 12 months before the Appraisal date; and
- when a Property has a Tax Abatement, require 2 capitalization analyses (1 with full taxes and 1 with abated taxes).
- Updated Part II, Chapter 2: Valuation and Income, Section 202: Appraisal and Valuation to:
- align requirements with the Form 4827 revisions; and
- add Tax Abatement Glossary term.
Questions
Please contact the Fannie Mae Deal Team with any questions.