Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Is there a time limit of the appraisal before it is no longer valid per Fannie Mae's requirements? My mortgage company wanted me to refinance with them, so I got an appraisal through them in Aug 2009 and decided I didn't want to refinanace. I asked for PMI to be removed in December. I didn't get a reply, after calling almost every week, until July 2010. I was told the appraisal was over 90 days old and I would have to get another $350 appraisal to start the process again. Does this sound right?
Actually, Fannie Mae and FHA went to 120 days, but at no time were they ever over 6 months for existing construction.
Generally, comparables from August 2009 could not be included on an appraisal report today, so there is no way an appraisal issued then would be acceptable. Unfortunately, that is a complete new order (and expense), as one year is a lifetime where property values are concerned.
Thanks for the information, however I asked for the PMi to be removed just over 3 months after the appraisal. In fact, the manager at Nationstar said it was 91 days and not valid per Fannie Mae. She told me to look it up for myself on the FannieMae website, which I did. I didn't see any mention of an appraisal expiration date. Does Fannie Mae mention this on their web? If so, can you direct me to that? Thanks!!
Here you go, all 1233 pages. You want page 482, and you want to look at the table at the bottom of 482 and the top of 483. The appraisal you have cannot be updated and at the time the appraisal was completed, chances are, you were in what is considered a declining market (most of the country was declining). Fannie did away w/ the terminology June 1, but most investors hung onto it. This means no appraisal updates, but new appraisals after 120 days.
There are several appraisal options which are determined by the Fannie/Freddie's findings through automated underwriting. Sometimes it only calls for an exterior inspection.
I suspect you can expect the full interior/exterior inspection. Who ordered the appraisal, you or the bank? What instructions did the bank give you? If you get the same appraiser, it will be a shorter visit, as I doubt they're need to measure and sketch again. They can use their prior appraisal as their worksheet to speed things up.
The bank ordered the appraisal. They wouldn't allow me to hire my own appraiser. He appraised my house pretty high though, so that was good. If they need to appraise the interior and exterior, that's fine. I just need to call my mortgage company to get the process started again. Thank you all for your input!
The bank ordered the appraisal. They wouldn't allow me to hire my own appraiser. He appraised my house pretty high though, so that was good. If they need to appraise the interior and exterior, that's fine. I just need to call my mortgage company to get the process started again. Thank you all for your input!
The bank (or an appraisal management co.) is REQUIRED to order the appraisal, since that is the law. Property owners haven't been able to hire their own appraisers for loan purposes for many years.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
