How Long Are Home Appraisals Good For (And How COVID Might ...

The answer depends on the kind of loan you have.

Federal Housing Administration (FHA) loans

FHA loans are loans that are backed by the Federal Housing Administration. In general, these loans are for low-to-moderate-income borrowers. If you have an FHA loan, your appraisal should be good for up to four months. After that, “FHA allows a recertification for another 120 days if applied prior to the expiration date,” Fries says.

“FHA is very strict on the property inspection,” he explains. “In order to qualify for the loan, they require access to the attic, and they verify certain safety features.” If something comes up during the inspection, they “may require a repair as opposed to making an adjustment in value.”

Veterans Affairs (VA) loans

VA loans are loans for veterans and active duty service members and are backed by the Department of Veterans Affairs. These loans are most well-known for having a no-money-down option.

If you have a VA loan, the appraisal can be good for up to six months, but it automatically expires once the loan closes.

Conventional loans

Conventional loans are loans that are not backed by a government agency. They’re also known as Federal National Mortgage Association (FNMA, or “Fannie Mae,” familiarly) loans. This nongovernmental agency sets the standards for loans in the U.S.

“Conventional lenders tend to vary on how long they deem an appraisal good for,” says Fries. “They may order a computer comp as a quick check and then decide how to proceed.”

In general, though, the appraisal for a conventional loan on a new home is good for 12 months, and the appraisal for an existing home is valid for 120 days.

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Because the life of the appraisal depends on the type of loan you have, it’s important to note that if you switch loan programs, it can create additional work on the appraisal end.

No matter the standard protocol, “If a lender feels the market has changed, they will often get a new appraisal,” says Fries.

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