How long does a FHA appraisal stay with the property?

How long does a FHA appraisal stay with the property?

The answer to this question is that a FHA appraisal stays with the property for a period of 120 days. During this time, the appraisal can be used by any FHA lender for the purpose of underwriting a loan for the property.

1. What is a FHA appraisal?

A FHA appraisal is an evaluation of a property’s value conducted by a certified FHA appraiser. It is required for any property being financed with an FHA loan.

2. Can a FHA appraisal be transferred to a new buyer?

Yes, a FHA appraisal can be transferred to a new buyer as long as the original appraisal is still valid (within 120 days) and the new buyer is obtaining an FHA loan.

3. Can a FHA appraisal be used for a conventional loan?

No, a FHA appraisal cannot be used for a conventional loan. Each type of loan requires its own specific appraisal.

4. Can a seller provide their own appraisal for a FHA loan?

No, a seller cannot provide their own appraisal for a FHA loan. The appraisal must be conducted by a certified FHA appraiser.

5. Can a buyer request a new FHA appraisal if the original one expires?

Yes, a buyer can request a new FHA appraisal if the original one expires before the loan is closed. However, the buyer will be responsible for the cost of the new appraisal.

6. Can a FHA appraisal be used for a refinance?

Yes, a FHA appraisal can be used for a refinance as long as it is still valid (within 120 days) and the new loan is insured by the FHA.

7. Can a FHA lender use an appraisal from a different lender?

Yes, a FHA lender can use an appraisal from a different lender as long as it meets all FHA requirements and is still valid.

8. Can a FHA appraisal be used for a cash purchase?

No, a FHA appraisal cannot be used for a cash purchase. It is specifically required for properties being financed with a FHA loan.

9. Can a FHA appraisal be appealed?

Yes, a FHA appraisal can be appealed if the buyer or seller believe that the value determined is inaccurate. The appeal process involves providing additional evidence or information to support a different value.

10. Can a FHA appraisal be used for a second FHA loan?

No, a FHA appraisal cannot be used for a second FHA loan. Each new loan application requires its own appraisal to be conducted.

11. Can a buyer request specific repairs based on the FHA appraisal?

Yes, a buyer can request specific repairs based on the findings of the FHA appraisal. These repairs may be required in order for the loan to be approved.

12. Can a FHA appraisal value change over time?

Yes, a FHA appraisal value can change over time due to market fluctuations or changes in the property itself. It is recommended to obtain a new appraisal if there have been significant changes since the original appraisal was conducted.

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