I have read that an FHA appraisal gets logged into some system and is good for 6 months, so if another buyer tries to go FHA on the house, the appraisal would be available making it harder to get it financed.
7. How long is an appraisal good for? It can be used for a lending decision up to a year after completion, but in today’s challenging real estate environment, a lender might not want to go over.
FHA Appraisals. FHA guidelines once called for an appraisal to be considered valid for six months until January 2010. Due to the number of foreclosures and loss of property value that occurred in the late 2000s, the FHA was concerned about covering potential losses due to inaccurate appraisal values.
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The Appraisal Management Company (AMC) manages appraisals and determines who conducts the appraisals. Due to recent Wall Street and consumer protection reforms, the Federal Housing Administration (FHA) does not allow anyone to choose their own appraiser.
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FHA Appraisals. FHA guidelines once called for an appraisal to be considered valid for six months until January 2010. Due to the number of foreclosures and loss of property value that occurred in.
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The update can only be completed by the original appraiser provided they are currently in good standing on the FHA Appraiser Roster. See Mortgagee Letters.
The real question is how long is the appraisal good for in the market; not how long is it good for with the bank, as you stated it. Of course, FANNIE, banks, and other lenders do have their own requirements, but you said something that should really be cause for concern.
First-time Homebuyer A conventional 97 loan offers a low down payment option of 3% and is a great alternative to an FHA loan. VA Loan Service members and veterans can buy a house with no down payment or PMI. Conventional Loan This is a common option for those using a down payment of at least 5% to buy or refinance a home. Jumbo Loan This loan is for those looking to finance a loan amount.
take a good look at the maximum interest rate-it’s often considerably higher than that of a fixed-rate mortgage. Nonetheless, if you plan to sell the home within a short period of time, an ARM may be.