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An FHA appraisal is valid for a period of 120 days. The FHA appraisal validity period begins the day that an FHA appraiser inspects the property. FHA appraisals must be valid through the date an FHA buyer’s loan funds.
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FHA Appraisals Stay With a Property for 120 Days
FHA appraisals stay with a property for the entire 120 day appraisal validity period. In other words, when an FHA buyer has an FHA appraisal completed on a home, that appraisal stays with that property for 120 days (see below for exceptions to this).
Any other FHA buyer buying that home must use the previous FHA buyer’s appraisal when inside that 120 period. For example:
- FHA appraiser inspects home on Jan 1 for FHA buyer 1
- Buyer 1 cancels his contract Jan 15
- FHA buyer 2 goes under contract on the same home Jan 22
- Buyer number 2 has a close date of Feb 15th
- Since Feb 15th is within 120 days of the FHA appraisers inspection date for FHA buyer 1, FHA buyer 2 must use FHA buyer 1’s FHA appraisal
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However, assume FHA buyer 2 did not close until 121 days from FHA buyer 1’s appraiser inspection the home. In this case, FHA buyer 2 and their lender have 2 choices:
- Order a new FHA appraisal
- Request a 30 day extension to the validity period of FHA buyer 1’s appraisal
Learn more on HUD’s site – 3 announcements regarding FHA appraisal validity periods.
By Jeremy House