They do make a special exterior cold weather paint that should be readily available in any major hardware chain. But then the next question is how big of a job is it; and, depending on that, is it something you canf easible tackle in this weather. Hopefully you can, because given this market, your home's current value could drop even more by the spring. If you can, do it now.
The bank may allow you to escrow the cost to cure the deficiencies in the home as noted by the appraisor, but realistically you probably have to wait till the home is painted.
In the mean time get the loose paint scraped so you can get the paint on if a window of opportunity presents itself. Good Luck.