How Long Does Your Appraisal Last?
A home appraisal determines the fair market value of a home, ensuring the sale price is reasonable. However, appraisals have limited validity.
Typical Appraisal Duration According to Fannie Mae, most appraisals are good for 90 days, but this can vary based on the loan type and market conditions.
Why Aren’t Appraisals Good for Longer? Appraisers use comparable sales (“comps”) from the last 6 months to determine value. As comps and market conditions change, updated appraisals are needed.
Appraisal Duration by Loan Type
Conventional Loans: Existing homes: 120 days; New homes: up to a year.
Fannie Mae/Freddie Mac: Valid for 12 months; update required after 120 days.
FHA Loans: Valid for up to a year if updated; otherwise, 180 days.
USDA Loans: Valid for 120 days with a 30-day grace period.
VA Loans: Typically valid for up to 6 months.
Market Conditions Impact In unstable markets, appraisals expire faster due to price changes. In stable markets, older appraisals may be acceptable.
When Your Appraisal Expires Options include an appraisal extension or update. Extensions require proof of no significant property or market changes. Updates review current market conditions without recalculating the value.
Revoking an Appraisal Appraisals can be revoked if there are significant property changes, undisclosed issues, or new zoning regulations.
Bottom Line Appraisals are valid for a short time but are crucial for determining property value. Start the approval process early to move quickly from pre-approval to closing. Reach out to V Nation Corp for fast closing now!
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