How long is an appraisal good for?

Most home appraisals stay valid for somewhere between 120 days and 12 months, depending on your loan type. Conventional loans backed by Fannie Mae or Freddie Mac are valid for up to 12 months, with an update required once the appraisal passes 120 days old. FHA and USDA loans stay valid for 180 days, and also have an option to update the appraisal to extend that window.¹ VA loans have the shortest overall timeline: a Notice of Value is only good for 6 months.²

Once an appraisal is due to expire, you'll usually need an update, an extension, or even an entirely new appraisal before you can close.

Key takeaways:

• Appraisals have expiration dates because home prices, sales, and market conditions change over time. An old appraisal may not show what a home is really worth anymore.
• An appraisal that’s expired doesn't always mean starting over. An update or extension can sometimes work instead of a full new appraisal.
• How long an appraisal lasts depends on your loan type. Conventional loans get up to 12 months but need an update at 120 days. FHA and USDA loans last 180 days with the possibility to update for more time. VA loans are good for 6 months.

What is a home appraisal?

A home appraisal for lending purposes is a licensed appraiser's honest opinion of what a home is worth, also called its fair market value. It's not the same as a home inspection – an appraisal focuses on price, while an inspection checks condition. The appraiser might walk through the property, then compare it to similar homes nearby that have sold recently; alternatively, an appraiser might calculate the home’s value using available data and only looking at the outside of the home.

The appraiser visit doesn't take very long, but since the property is used as collateral for the loan, the report stays valid for a predetermined period of time to make sure it accurately represents the home’s fair value.

Why lenders require home appraisals

Lenders use the appraised value to calculate your loan-to-value ratio and make sure they aren't lending you more than a home is worth. A home that appraises for close to your offer price can also show the offer is in line with the market value of the home.

A lender ordering an appraisal for a purchase or refinance is the most common reason for the report, but it's not the only one.³ Non-lenders might order appraisals for tax purposes, an estate or divorce settlement, or just to check a home's value before listing it. The timelines in this guide are specific to loans, since that's where an expiration date matters most.

How long is a home appraisal good for?

Validity periods are usually determined by loan type.

• Conventional (Fannie Mae and Freddie Mac): Good for 12 months, but needs an update once it's more than 4 months (120 days) old.
• FHA: Good for 180 days, but an update can extend that to 1 year.
• USDA: Valid for 180 days, with the potential to stretch the validity period to 1 year.
• VA: Notice of Value can be used for 6 months, with extensions only provided occasionally.

Some conventional loans skip a full appraisal altogether through an appraisal waiver, but that's decided case by case.

Conventional loan appraisals

Conventional loans aren't backed by the government. Most still follow Fannie Mae or Freddie Mac rules, since lenders usually sell loans to one of the two.

• Fannie Mae appraisal timelines: A home must be appraised within the 12 months before your closing date. If the appraisal is more than 4 months old by then, your lender has to order an update: a look at the outside of the home, plus a check of recent sales, to confirm the value hasn't dropped.
• Freddie Mac appraisal timelines: Freddie Mac's rules look a lot like Fannie Mae's. An appraisal can be good for up to 12 months, but after 120 days, your lender needs an update before you can close.

Desktop appraisals work differently: Past 4 months old, they need a whole new appraisal instead of just an update.

FHA loan appraisals

An FHA appraisal is good for 180 days. An update before it expires can extend the validity up to 1 year. However, if there’s a new case number, that also generally means getting a new appraisal, even if the old one hasn’t expired yet.

USDA loan appraisals

USDA appraisals must be finished within 180 days of your closing date. Once the appraisal passes that window, it might be eligible for an update that extends its validity to 1 year from the original appraisal date.

Rocket Mortgage doesn't currently offer USDA loans.

VA loan appraisals

A VA appraisal produces a document called a Notice of Value, or NOV, which is good for 6 months. If your NOV expires, you'll usually need a new appraisal, though the VA can grant extensions case by case. Veterans typically cover the VA appraisal fee as part of closing costs.

What can affect how long an appraisal is good?

As home prices and market conditions shift, an older appraisal can stop representing current value, which is why lenders cap how long they'll rely on one. You'll likely need a new appraisal before closing if yours is too far past its expiration date, if an update comes back with a low appraisal, or if your loan type (like a VA loan) doesn't offer an update option.

A few other factors can also affect how long a lender will rely on an existing appraisal and when a new report might be required.

Market conditions

When home prices change quickly, lenders trust older appraisals less. If home values in a neighborhood jump or drop several percentage points in just a few months, that's often enough for a lender to ask for updated numbers, even on an appraisal that's technically still valid. In a more stable market, a lender may be fine using an appraisal that’s a few months old.

Property condition changes

Storm damage, a house fire, big upgrades that took place after the appraisal, or major deferred maintenance found after the original report can affect the value and prompt the need for a new appraisal.

Changes in zoning or building regulations

Local rule changes that affect how a property can be used or sold can make an existing appraisal unreliable, even within the standard window. A lot getting rezoned for higher-density housing, or a new floodplain designation, are the kinds of changes that can shift a home's value enough to need a new appraisal.

What to do when your appraisal expires

Appraisers rely on comparable sales, or "comps": similar homes nearby that have recently sold. Fannie Mae and Freddie Mac require appraisers to look at a full 12 months of sales data, and to explain any comp used that's more than 6 months old. That’s why appraisals are only valid for so many days, and once the report has reached its expiration, might require an update.

Appraisal update

An appraisal update works a lot like a drive-by appraisal. The original appraiser takes a look at the exterior of the home and reviews recent sales data to confirm the home’s value hasn’t dropped. If the value has dropped, a new appraisal report is required. If the value is the same, the lender can continue processing the loan using the original appraisal.

Appraisal extension

An appraisal extension is different from an update. An extension pushes back the effective period without a new inspection or verification of value. VA loans are the main place you'll still see this. While the VA doesn't usually allow updates to its Notice of Value like other loan types, it can sometimes grant an extension on an expired NOV instead of requiring a whole new appraisal, but only on a case-by-case basis.

Recertification of value

A recertification of value doesn't update or extend an appraisal. It acts more like a conditional valuation. If the home had an issue like a leaking roof or exposed wiring, the value only stands if those problems have been fixed. Once the repairs are verified, the original value stands and is supported, and the appraisal's expiration date doesn't change.

FAQ

Here are the answers to some common questions about appraisals.

What happens if an appraisal is 4 months or more old?

For conventional loans, an appraisal more than 4 months old at closing needs an update: a look at the outside of the home plus a review of recent sales. FHA and USDA appraisals don't need an update until 180 days, and VA Notices of Value stay valid for a full 6 months.

How often can a house be appraised?

A house can be appraised more than once, but a lender needs a valid reason to order another appraisal. Sometimes a previous appraisal report can be used, but in general, each new loan usually needs its own appraisal. Some higher-priced lending situations, like jumbo loans or recently flipped homes, might prompt a lender to ask for multiple appraisals before approving a mortgage.

Can a home appraisal be revoked?

While more rare, a home appraisal can be revoked or challenged, even before its expiration date, if circumstances change suddenly and significantly – such as finding major property problems the seller didn't disclose or damage or serious wear and tear since the appraisal.

How long is a house appraisal good for refinancing?

How long a refinance appraisal remains valid depends a lot on the loan type. When an appraisal is required, Fannie Mae generally allows a traditional appraisal to be up to 12 months old, with an update after four months. FHA and USDA appraisals are initially valid for 180 days and may be extended to one year with an update, while a VA Notice of Value generally lasts 6 months. While your purchase appraisal usually won’t carry over, there are exceptions – and not every refinance requires an appraisal in the first place. For example, VA IRRRLs and most USDA Streamlined refinances don’t require one.⁴

How long is an appraisal good for a home equity loan?

There is no universal expiration date for an appraisal used for a home equity loan or HELOC.⁵ The lender decides whether an existing appraisal or other property valuation is still reliable based on its age, the home’s condition, local market conditions, and the details of the loan. If any of those factors have changed, the lender may request a new valuation.

The bottom line: Know how long your appraisal is valid

An appraisal is only good for so long, acting as a snapshot of a home's value at a specific moment, which is why lenders limit the time frame in which they’ll accept an appraisal.

If you're buying or refinancing, pay attention to your loan type and your closing timeline so if any delays come up, you can let your lender know. Timely communication could be the difference between an appraisal update and the need for an entirely new report.

Since your loan type gives you an idea of how long an appraisal is good for from the start, locking in a mortgage preapproval early removes one variable from the process. Start the initial preapproval process to keep everything on track, from preapproval to appraisal to closing.

¹ Rocket Mortgage is not acting on behalf of FHA or HUD.

² Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

³ Refinancing may increase finance charges over the life of the loan.

⁴ The VA Streamline program may have stricter requirements in some states. In order to qualify for the VA Streamline program, you must have a VA loan. The VA Streamline is only available on primary residences. Cash-out transactions are not allowed. In order to qualify for a VA Streamline, a 0.5% minimum reduction in interest rate on the previous fixed-rate loan must occur if the new loan will be a fixed rate or a 2% minimum reduction in interest rate on previous adjustable rate mortgage loan must occur; a minimum of 6 months of consecutive mortgage payments must be paid on the current loan at the time of application. Some states may require an appraisal. Additional restrictions/conditions may apply.

⁵ Home Equity Loan Product is a second standalone lien and may not be used for piggyback transactions. Valid for loan amounts between $45,000.00 and $500,000.00 (minimum loan amount for properties located in Michigan is $10,000.00). Not available on Ameriprise products. Additional restrictions, terms, and conditions apply. Must meet qualification requirements. This is not a commitment to lend.

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