The appraisal validity period has changed from the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year.
The Federal Housing Administration (FHA) has extended the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This is for Single Family II forward mortgage programs. This comes as the FHA acknowledges the gap between the appraisal validity periods and industry practices. Lenders will now be able to manage appraisal validity and help get the best appraisal cost for buyers.
The Revised Appraisal Validity Periods is published by the Federal Housing Administration and explains the extended period. Every case number assigned on or after June 1, 2022, will have the new extension applied. The appraisal validity period defines the maximum time an appraisal report can be used for an FHA-insured mortgage.
