If you are planning to sell your home or refinance your mortgage, you may run into a valuation process that looks different from what you remember. Over the past few years, and most recently in 2025, Fannie Mae has updated how a property’s value can be confirmed on the loans it backs. As an appraiser, my goal here is not to tell you what your home is worth or how to influence that number. It is to help you understand what these changes are and what to expect, so the process feels less like a black box.
Let me walk through it the way I would explain it to a homeowner sitting across my desk.
What actually changed
The headline change is mostly about language and process, and it is worth understanding because the old terms are now out of date.
As of September 3, 2025, Fannie Mae retired the term appraisal waiver. It now uses value acceptance instead. The new term is meant to describe the process more accurately. Rather than “waiving” an appraisal that was assumed to be required, Fannie Mae is accepting a lender-submitted value when its data and modeling support doing so for an eligible transaction. If you hear an older reference to an “appraisal waiver,” understand that people are usually describing what is now called value acceptance.
Fannie Mae also continues to use technology and property data to decide, on a loan-by-loan basis, which valuation path a transaction qualifies for. The eligibility is determined through the lender’s automated underwriting, not by the homeowner.
The valuation paths, in plain terms
It helps to think of these as a range of options, from no appraisal to a full traditional appraisal.
Value acceptance. For certain eligible transactions, Fannie Mae accepts the lender-submitted value with no appraisal required. This relies on data and modeling rather than a visit to the property. In the first quarter of 2025, the eligible loan-to-value ratios for value acceptance on primary residence and second-home purchases increased from 80 percent to 90 percent, which means more transactions can qualify than before.
Value acceptance plus property data. Here there is no traditional appraisal, but a trained third-party data collector visits the property to document the interior and exterior. That information is submitted to Fannie Mae in a standardized format. The collector gathers facts about the property; they are not developing an opinion of value.
Desktop, hybrid, and traditional appraisals. When an appraisal is part of the transaction, it can take one of three forms. A traditional appraisal involves an appraiser inspecting the property in the usual way. A desktop appraisal is completed using property data and records rather than a personal inspection. A hybrid appraisal separates the property visit, often done by a third-party collector, from the appraiser’s analysis. In each case, the appraiser develops an independent, impartial opinion of value.
What this can mean if you are selling or refinancing
Different transactions travel different paths, and which path applies is decided by the lender’s underwriting, not by you or your agent. That is worth knowing so you are not surprised by the process.
If your transaction qualifies for value acceptance, you may not have an appraiser visit the home at all. If it qualifies for value acceptance plus property data, you may have a data collector schedule a visit to document the property, even though no traditional appraisal is being performed. And if a desktop, hybrid, or traditional appraisal is ordered, the timeline and the type of visit will vary accordingly.
For a refinance, the path you qualify for can depend on factors like your loan-to-value ratio and the data available for your property. Higher-equity, lower-risk situations are more likely to be eligible for value acceptance, while other situations may call for an appraisal. None of this is something to game. It is simply helpful to understand which path you are on so you know what to expect and when.
What homeowners can reasonably do
This is the part where it is easy to get the wrong idea, so let me be clear about the appraiser’s role. An appraiser is an impartial third party. The opinion of value comes from an independent analysis of the market, not from anything a homeowner says or wants. My job is to be accurate, not to advocate for a buyer, a seller, or a number.
With that in mind, the most useful thing a homeowner can do is support an accurate process rather than try to influence an outcome:
- Keep good records. If you have completed improvements or upgrades, having documentation of what was done and when, including permits where applicable, gives an appraiser or data collector accurate, factual information to work from.
- Provide access. If a property visit is part of your transaction, making the home available and accessible helps the process move smoothly.
- Ask which path applies. Your lender can tell you whether your transaction is using value acceptance, value acceptance plus property data, or an appraisal. Knowing this sets accurate expectations.
- Understand the difference between facts and opinions. Sharing factual information about your property is appropriate. The conclusion of value remains the appraiser’s independent judgment.
It is reasonable to ask how the value was reached
Here is one piece of encouragement that I think matters. If your transaction qualifies for value acceptance and you are asked to move forward without a traditional appraisal, it is completely reasonable to ask questions before you agree. You can ask your lender which valuation method is being used, how the value was determined, and what data supports it. You are entitled to understand the basis for a number your loan relies on.
This is not about second-guessing the bank. It is about making an informed decision you feel good about. If the explanation gives you confidence in the value, that is reassuring, and you can proceed knowing what is behind it. If you would feel more comfortable with an appraiser’s independent opinion of value, you can ask your lender about your options, including whether a traditional appraisal is available to you. Either way, you are making the choice with your eyes open rather than simply taking the result on faith.
A final thought
Fannie Mae’s recent changes are less dramatic than the headlines sometimes suggest. For the most part, they reflect a shift toward using data and technology to decide how a property’s value gets confirmed, along with clearer language to describe it. For a homeowner, the practical takeaway is simple. Understand which valuation path your transaction is on, keep accurate records of your property, and recognize that the value itself is an independent, impartial conclusion.
The more you understand how the pieces fit together, the calmer the process tends to feel. And as with most things in real estate, there is always a little more to learn as the guidelines continue to evolve.