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A conventional Appraisal is only good for 120 days, FHA & VA appraisals are good for six months. However, lenders usually require the comps to be within a specific time frame that can vary depending on the property location. HUD 4000.1 On Appraisal Expiration Dates – FHA News and Views – HUD 4000.1 On
To summarize, property appraisals have expiration dates because the housing market tends to fluctuate, and the lender doesn’t want to lose money. A good window of time in which the appraisal is valid is between 30 and 120 days. It’s difficult to get extensions, so re-certifications from the appraiser is sometimes necessary.
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HUD 4000.1 On Appraisal Expiration Dates. Ever since the FHA and HUD published the new FHA single-family mortgage loan rule book, HUD 4000.1, we’ve been examining important sections of the rules to see what current fha mortgage loan policy is; FHA and HUD announced there would be no comparison document outlining the myriad of changes from the old guidelines to new and that it was the reader.
For a Federal Housing Administration (FHA) loan to be approved. If it does and the appraiser finds enough damage, they would require a new roof. Structure: The overall structure of the property.
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A good FICO score is key to getting a good rate on your FHA home loan. FHA Requirements Credit Benefits Improving Credit.. Fair Housing Act.. Do you know what the FHA appraisal is designed to do? Some people mistake the appraisal for a home inspection, which is definitely not a good thing.
An appraisal’s "term of validity," in real estate parlance, generally lasts between 60 and 120 days, depending on the type of loan. An FHA loan appraisal is good for 120 days, while a VA home loan appraisal is good for six months.
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