Appraisals

For FHA Appraisals:

ML 2010-08 – Validity period for appraisals

1. HUD REO contract must be ratified within 120 days of appraisal’s effective date, or mortgagee must order new appraisal or appraisal update.

2. Second appraisals not allowed to be ordered to support a purchase price that is higher than the value on the current appraisal.

ML 2010-13 – 150 Day Validity Period (30 day extension)

Loan must close within 150 days from the effective date of the appraisal. Must be ratified within 120 days, and close within 150.

For CONVENTIONAL Appraisals:

There can be no property conditions:

For HUD will not allow repairs nor make repairs.