How Long Does a Home Appraisal Last?
Your home insurance appraisal will be good for 90 days, after which point it is invalid.
Written by Talullah Blanco
Reviewed by Melanie Reiff
When you place an offer on a house, you’ll get an appraisal to determine the true market value of the home. Depending on the type of loan and market conditions, that appraisal will expire after a certain point—usually 90 days.
In an appraisal, a professional will inspect the property and compare it to recently sold homes in the area to estimate its value. As a homeowner, you’ll have to get an appraisal at some point to ensure pricing accuracy.
That’s why
home
and car insurance
super app Jerry
has compiled everything you need to know about home appraisals. We’ll break down how long a home appraisal is good for, what factors affect this timeline, and what to do when an appraisal expires. Let Jerry find your price in only 45 seconds
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How long is a home appraisal good for?
Most home appraisals are good for 90 days, but this can vary depending on the current real estate market and your loan type. Home appraisals aren’t good for longer than 90 days because there is no way to predict what may happen to the market over a longer period.
In an appraisal, a professional appraiser compares the condition of your property to similar homes recently sold in the area to determine its market value. The comparable sales used to calculate your property value may change over 90 days due to real estate market volatility.
How long do appraisals last for different loan types?
Depending on the type of loan you have, your appraisal could last for more than 90 days. Here are the most common loan types and how long appraisals will remain valid:
Conventional loans
A conventional loan is a mortgage that is not guaranteed by the federal government. If you have a conventional loan, your appraisal will be valid for 120 days for existing homes and up to 12 months for new homes.
FHA loans
FHA loans are mortgage loans that are backed by the Federal Housing Administration. This appraisal is valid for 120 days, or 240 days if it is updated.
USDA loans
USDA loans are intended for homebuyers in rural areas and are backed by the US Department of Agriculture. If you have a USDA loan, your appraisal will be good for 120 days.
VA loans
The Department of Veterans Affairs backs these mortgages for service members and their spouses. The appraisal on this loan is valid for 6 months, and a new appraisal is required if the loan doesn’t close before then.
Fannie Mae and Freddie Mac
These are government-sponsored enterprises that fund mortgages by buying them back from banks and lenders. Fannie Mae and Freddie Mac appraisals require an update after 120 days and then are good for 12 months.
Key Takeaway The shelf life of your home appraisal will vary depending on the type of loan you have, but most loans offer an opportunity to update an appraisal after 120 days.
What to do when your appraisal expires
When your appraisal expires, you can request an update or ask for recertification of value.
Appraisal update
If you request an update, the appraiser will review your original appraisal to see if it is still relevant. They will evaluate current market conditions to determine whether the home’s value has changed since the original appraisal and assign a new value to the home.
Recertification of value
During recertification of value, an appraiser assesses and confirms that the house is worth what it was originally valued at.
If a seller promised repairs and updates to the home when the buyer originally had it appraised, the appraiser will confirm the repairs and updates took place during the recertification process.
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Whether you’ve increased the value of your home recently or have been hit hard by the changing market, you need a protective
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What is a home appraisal?
A home appraisal is a process by which a third-party appraiser determines the true market value of a home. They’ll conduct a thorough inspection of the property and compare it to similar homes recently sold in the area.
Why do I need a home appraisal?
Most lenders will require an appraisal in order to take out a mortgage with them. This ensures the home is worth the purchasing price and protects the lender against financial losses.
While home appraisals aren’t always required, buyers should opt to have an appraisal done to make sure they’re paying a fair price.
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