How Long Is An Appraisal Good?
Typically, when you are buying a home and obtaining a mortgage an appraisal will be required by the lender to determine the fair market value of a home and to ensure the home is good collateral.
On a conventional mortgage or those obtained from Fannie Mae and Freddie Mac, an appraisal is typically good for 90 days from the date of the appraisal report. The question is why only 90 days. Appraisers are looking for comparable sales as recent as possible with similar features to the home you are purchasing. As you look beyond 90 days markets can begin to shift upward or downward.
FHA appraisals are slightly different in that they are valid up to 180 days and in some cases if the appraisal is updated it could be good for up to a year.
So now you know appraisals are typically not valid for a long period of time due to possible market fluctuations. To learn more about appraisals and the mortgage process speak to the experts at Hall Financial who will be able to answer all your questions.