Fannie Mae and Freddie Mac accept an appraisal with an effective date up to 12 months before the note date but require an update once it is more than four months (Fannie Mae) or 120 days (Freddie Mac) old; an FHA appraisal is valid for 180 days, or up to one year with an update; and a VA Notice of Value is valid for 6 months. For Fannie Mae and Freddie Mac, a new appraisal is required if the update shows a decline in value, and desktop appraisals older than four months or 120 days must be replaced. If a Veteran is under contract during the VA validity period, processing may continue until that transaction is completed or terminated.
Fannie Mae (conventional)
- The property must be appraised within the 12 months before the note date; beyond 12 months a new appraisal is required, with or without an update. Fannie Mae B4-1.2-04
- If the appraisal is more than four months but less than 12 months old at the note date, the appraiser must perform an update (exterior inspection and market data review) within four months before the note date. Fannie Mae B4-1.2-04
- The update is reported on Form 1004D; if it shows the value has declined, the lender must obtain a new appraisal. Fannie Mae B4-1.2-04
- A desktop appraisal more than four months old at the note date must be replaced with a new appraisal. Fannie Mae B4-1.2-04
Freddie Mac (conventional)
- For all mortgages except construction-to-permanent and renovation mortgages, the effective date must be no more than 12 months before the Note Date; otherwise a new appraisal is required. Freddie Mac 5604.3
- Except for desktop appraisals, an appraisal more than 120 days old at the Note Date needs an update whose effective date is no more than 120 days before the Note Date. Freddie Mac 5604.3
- If the update shows the value has declined, the Seller must obtain a new appraisal. Freddie Mac 5604.3
- A desktop appraisal more than 120 days old at the Note Date must be replaced with a new desktop appraisal. Freddie Mac 5604.3
FHA
- The initial appraisal is valid for 180 days from its effective date; day one is the day after the effective date. FHA 4000.1 II.A.1.a.i
- If the appraisal will be more than 180 days old at disbursement, an update may extend its validity; the updated appraisal is valid for one year after the original appraisal's effective date. FHA 4000.1 II.A.1.a.i
- An update may be used only if the property has not declined in value, the update is performed within one year of the original effective date, and it is completed before the disbursement date. FHA 4000.1 II.A.1.a.iii
VA
- A Notice of Value (NOV) is valid for 6 months; the NOV letter sets the expiration date at six months from the date of appraisal. VA Pamphlet 26-7, Chapter 13 Topic 7 VA Pamphlet 26-7, Chapter 13 Appendix A
- If the Veteran is under contract during the validity period, processing may continue until that transaction is either completed or terminated. VA Pamphlet 26-7, Chapter 13 Topic 7
- VA may extend validity periods on a case-by-case basis when a request is reviewed and found appropriate under prevailing conditions. VA Pamphlet 26-7, Chapter 13 Topic 7
Quick comparison
| Loan type | Maximum age or validity | Update or extension | Source |
|---|---|---|---|
| Fannie Mae | 12 months before the note date | Update if more than four months old; new appraisal if value declined | Fannie Mae B4-1.2-04 |
| Freddie Mac | 12 months before the Note Date | Update if more than 120 days old; new appraisal if value declined | Freddie Mac 5604.3 |
| FHA | 180 days | Update extends it to one year from the original effective date | FHA 4000.1 II.A.1.a.i |
| VA | 6 months (Notice of Value) | Processing continues if under contract; VA may extend case by case | VA Pamphlet 26-7, Chapter 13 Topic 7 |
Sources
- Fannie Mae Selling Guide, September 2, 2026 version: B4-1.2-04, Appraisal Age and Use Requirements (p. 552, 553); B4-1.2-04, Appraisal Age and Use Requirements (Desktop Appraisals) (p. 553)
- Freddie Mac Single-Family Seller/Servicer Guide, September 16, 2026 version: 5604.3(a)(i), Acceptable age of appraisal reports (p. 5604-48); 5604.3(a)(ii), Appraisal update reporting requirements (p. 5604-49)
- FHA Single Family Housing Policy Handbook 4000.1, August 12, 2026 version: II.A.1.a.i(A)(1)(b), Appraisal Validity (p. 127); II.A.1.a.iii(B)(10), Ordering an Update to an Appraisal (p. 148, 149)
- VA Lender's Handbook (VA Pamphlet 26-7), August 12, 2026 version: Chapter 13, Topic 7. Notice of Value Validity Period (PDF p. 327); Chapter 13, Appendix A. Notice of Value Sample Letter (PDF p. 336)
Agency guides set the baseline; individual lenders can add stricter overlays. Sources are the guideline versions in Zeitro Strata as of October 29, 2026.