A conventional Appraisal is only good for 120 days, FHA & VA appraisals are good for six months. However, lenders usually require the comps to be within a specific time frame that can vary depending on the property location. If the comps expire a lender may ask for updated comps which can affect the value.
· 9 tips for high value home appraisals Whether you’re refinancing or need a fair market valuation of your property for tax reasons you’ll need to get an appraisal.
2 Things You Need to Know to Properly Price Your Home 2 Things You Need to Know to Properly Price Your Home In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms.
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A loan underwriter analyzes all aspects of a mortgage application and follows it through to the closing. He orders the home appraisal and balances the findings against the amount of the loan.
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As you can see, there are plenty of variables and potential speed bumps along the way. The length of time between appraisal and final approval could be a week, a month, or even longer. It depends largely on the underwriting. You won’t know how long until you get a “green light” from the underwriter.
How Long Does it Take to Get a House Appraised? Unless you are paying cash for your new home, you’ll need a home appraisal conducted before the lender will approve your loan. That makes sense, as no lender is going to let you borrow more money than a property is worth.
Property appraisals may not have expiration dates, but, typically, lenders tend to reject appraisals that are more than 120 days old. In other cases, the expiration date may be within 60 to 90 days. Some lenders will allow up to 180 days to match the usual acceptance age of similar properties that were sold in the last six months.
On the flip side, when market conditions are stable and home values are relatively unchanging, a lender may be more inclined to accept an older appraisal for the purposes of a home refinance or home equity line of credit. Source: (andres jasso/ unsplash) Special loans: How long are FHA and VA appraisals good for?
2 Things You Need to Know to Properly Price Your Home 2 Things You Need to Know to Properly Price Your Home May 28, 2019 Provided by Keeping Current Matters In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%).
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