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FHA appraisals are generally paid for in advance, as opposed to being rolled into closing costs. Though the process can vary, this is the standard practice. Putting the FHA home appraisal into a broader timeline will help you understand the overall process.
Sometimes, though other issues occur with a loan long after the appraiser does his job. So how long is the FHA appraisal good for? The 4-Month Rule. The FHA has a generic rule that any paperwork that has the opportunity to change over time, is only good for 4 months or 120 days. This includes the FHA appraisal. If your loan takes longer than 4.
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FHA appraisals do stay with a property and may affect any future offers you may have during the time period that the FHA case number is active and attached to your property. The only situation I can think of that you may be able to challenge this is if there have been some sales that occurred since the first FHA appraisal was done.
Appraisal guidelines vary by lender and loan program, but the majority of mortgages are conventional or government-backed. Fannie Mae, Freddie Mac, the Federal Housing Administration and the Department of Veterans Affairs determine how long an appraisal is good for when shopping mortgages.
Under FHA the property is assigned a case number under which the appraisal is registered. It will be with the property and usable for 120 days (4 months) per FHA guidelines. If you do not close with buyer one using FHA buyer two may close using the same appraisal which is good and valid for 4 months.
One common question about FHA home loan rules involves how long an appraisal is considered valid before it can no longer be used. FHA loan rules for this topic are found in HUD 4000.1 and address both the age of the appraisal as well as the age of other documentation not considered "evergreen" or without an expiration date (such as divorce decrees, military discharge paperwork, etc).
How Long Does an FHA Appraisal Last For? Once you get your FHA appraisal, you have to close your loan within 120 days. The original appraiser will come out and verify that the repairs have been done and that your property can be valued as it was originally. The FHA requires that this must be done by the original appraiser.