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If I switch lenders after an appraisal, do I need to get a new one or is there a time limit?

by BMarley from Cornelia, Georgia. Apr 3rd 2013 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

FHA Appraisals can be transfered and are good for 120 days. Conventional, you may or may not be able to transfer depending on the lender you will be using. They may require a new appraisal. Even if you need a new appraisal you can generally get a discount because it the appraiser has already done the leg work and the second time around will require much less work.

Apr 3rd 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,479 contributions

It depends on which loan product you using the appraisal for.. FHA appraisals are good for 120 days, however lenders will typically require a new one if it's over 90 days old.. and FHA appraisals are transferable.. conventional on the other hand is probably not.. they are good for 90 days, and most lenders will not accept an appraisal imported from another lender.. some will, but most wont.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 3rd 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

With FHA you will use the same appraisal as it gets registered and is attached to that property for 6 months.. With Conventional you may or may not be able to use it. That will depend on whether an investor requires their own appraisal or if you can get it transferred. Transferring may incur a cost from a lender or an Appraiser/AMC.

Apr 3rd 2013
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Rick Durham (durhamrick)
#198 ranked lender in Florida - 6 contributions

Typically an appraisal is good for 6 months. FHA is usually the only appraisal that can be transferred. Most lenders require a new appraisal on most other loan programs.

Apr 3rd 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

FHA appraisals expire in 120 days, and may be transferred. Your new lender can help you do this.

Apr 3rd 2013
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Ignacio L Taboada (itaboada)
#49 ranked lender in Georgia - 23 contributions

In most cases you will need to get a new appraisal.You do not have to get a new appraisal with FHA.The appraisal is valid for 6 months.

Apr 3rd 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,238 contributions

You may or may not depending on the type of loan you have and the AMC you are using.

Apr 3rd 2013
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Tina Duncan (tinaduncan)
#26 ranked lender in Georgia - 3 contributions

FHA appraisals expire in 120 days, and may be transferred.

Apr 3rd 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

If a conventional appraisal, give your new lender the appraiser's name and license #. They can tell you if they can accept it. If FHA you will be ok for 4-6 months. Again, check with the new lender to see if they will require a recertification of value after 4 months.

Apr 3rd 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Fha appraisal can be moved to another lender, conventional loans usually can not

Apr 3rd 2013
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Simon Nwoke (SimonNwoke)
#71 ranked lender in Georgia - 37 contributions

FHA appraisals can be transfered as long as it is less than 120 days old. Conventional may or may not be transfered. It depends on the lender. Give me a call. I can help you 478-320-4152

Apr 3rd 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Due to the representations and warrantys lenders must provide in accordance with the Home Value Code of Conduct (HVCC) it is nearly impossible for the would be bank receiving the appraisal to accept it as the bank assgining it will rarely provide the required doucmentation to the recieving bank to prove that they strictly adhered to the HVCC

Apr 3rd 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

Fha appraisal is accepted by most lenders and does not require a transfer as it is logged in with FHA Case number. Must close loan within 120 days of original report date. Lender / Broker you choose to switch loan to, may require a new one so it is important to look for Lender / Brolker that will accept the one you already have.

Apr 3rd 2013
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George Dokos (georgedokos@movementmortgage)
#58 ranked lender in Virginia - 25 contributions

FHA appraisals can be transfered as long as it is less than 120 days. Conventional may or may not be transfered. It depends on the lender's guidelines.

Apr 3rd 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

FHA no. The appraisal is assigned to the property. Yes on conventional. The Appraisal has to be approved by the lender. 2nd Most Appraisal Companies charge you to switch lenders if they are approved by both companies. Jim: cornoil@comcast.net

Apr 4th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

Peter (1st response) says it all. Conventional appraisals are generally good for 90 days.

Apr 4th 2013
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Chris Davenport (todaylending)
#20 ranked lender in Oklahoma - 36 contributions

This is actually more complicated than it's made out to be. Many Lenders will not use an appraisal that isn't assigned with there appraisal management company. So when you're looking at a new lender you need to ask this question.

Apr 4th 2013
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Apr 9th 2013
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