Appraisals will no longer be required on certain home sales of $400,000 and under.
Federal Reserve signs off on appraisal rule change, making change official.
The appraisal threshold was last increased in 1994 when regulators approved an increase from $100,000 to $250,000.
And now, in a matter of days, the appraisal threshold will be increased from $250,000 to $400,000.
