|Do FHA appraisals expire? What is the valid term of the FHA appraisal?|
FHA appraisals do expire.
For existing dwellings, if a borrower signs a valid sales contract or is approved for a loan prior to the expiration date of the appraisal, the term of the appraisal may be extended, at the option of the lender, for 30 days to allow for the approval of the borrower and closing of the loan. Approval of the borrower occurs when the lender's DE underwriter signs the Mortgage Credit Analysis Worksheet, Form HUD-92900-WS/92900-PUR.
Appraisals on proposed construction or substantial rehabilitation may be extended up to 12 months provided that construction or rehabilitation started before the original appraisal expired. An FHA Roster appraiser must inspect the property and update the appraisal previously done.
Still have a questions? Nexus Analytix™ can provide answers for your real estate appraisal questions. Please contact our offices at, Phone: (856) 985-0008 or by e-mail.
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