Nearly every day, I get a call from an agent asking about appraisals. I hope you enjoy this first of a two-part series covering some of your most common appraisal questions! NUMBER 1: How long is an appraisal good for at Atlantic Bay? Conventional/Fannie Mae/Freddie Mac: Valid for 12 months, but appraisal update required after the first 120 days. FHA: 120 days, or 240 with an update. If the case number changes during that time, a new appraisal will need to be ordered regardless of how many days have passed. USDA: 150 days, or 240 days with an update. VA: 180 days NUMBER 2: My client is changing to Atlantic Bay from another lender. Is the appraisal still good? Yes, if the appraisal has not exceeded the following time limits and the loan program has not changed. Additional documentation is required, such as proof from the prior lender the appraisal was paid in full. Conventional/Fannie Mae/Freddie Mac: Not older than 120 days. Requires previous lender agreement. FHA: Not older than 120 days. USDA: Not older than 150 days. VA: Not older than 180 days. NUMBER 3: Can my client change loan programs but use the same appraisal? Yes, but there may be additional Appraiser work or FHA case numbers needed (and therefore additional fees). Switching to or from VA always requires a new appraisal. NUMBER 4: An appraisal was done for a property with a different buyer and lender, but that buyer could not get loan approval. Can we transfer that appraisal to my client? Conventional: No, but if the Appraiser is on Atlantic Bay's approved fee panel, we can ask for a new report to be completed. FHA: Yes -- FHA appraisals follow the property. USDA: No, the new borrower would need a new appraisal. VA: No -- these appraisals follow the borrower. Even though VA appraisals are good for six months, a new borrower will need a new appraisal because the existing appraisal is already associated with the original borrower's name in the VA system. Thank you to our friend Aimi Annas at Atlantic Bay Mortgage for always providing expert advice for our clients!
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