HUD REVISES APPRAISAL VALIDITY PERIOD

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                          MORTGAGEE LETTER 2009-30

TO:                 ALL APPROVED MORTGAGEES

                        ALL FHA ROSTER APPRAISERS

SUBJECT:    Appraisal Validity Periods

This mortgagee letter announces a change to the validity period for appraisals used for FHA-insured mortgages. 

Effective for all case numbers assigned on or after January 1, 2010, the validity period for all appraisals on existing and proposed and under construction properties will be 120 days.  This change aligns FHA’s requirements pertaining to the validity of an appraisal with current industry practices.

This is a change from the current validity periods of six months for an appraisal of an existing property that is complete, and 12 months for proposed and under construction properties.

Sincerely,

David H. Stevens
Assistant Secretary for Housing
Federal Housing Commissioner

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