source:
  type: guide
  id: fnma-sel-b4-1.2-04
  authority: Fannie Mae Selling Guide B4-1.2-04 — Appraisal Age and Use Requirements
  description: Fannie Mae Selling Guide B4-1.2-04 — Appraisal Age and Use Requirements.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.2-04-full
  canonical_id: fnma-sel-b4-1.2-04-full
  section: Fannie Mae Selling Guide B4-1.2-04 — Appraisal Age and Use Requirements
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.2-04 — Appraisal Age and Use Requirements
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-1.2-04, Appraisal Age and Use Requirements (06/04/2025) Introduction
      This topic contains information about the following: Age of Appraisal and Appraisal
      Update Requirements Multiple Appraisals of the Subject Property Use of an Appraisal
      for a Subsequent Transaction Uniform Appraisal Dataset (UAD) 3.6 Policy Age
      of Appraisal and Appraisal Update Requirements When an appraisal is obtained,
      the property must be appraised within the 12 months prior to the date of the
      note and mortgage. When the eﬀective date of the original appraisal report is
      more than four months but less than 12 months from the date of the note and
      mortgage, the appraiser must perform an appraisal update that includes inspecting
      the exterior of the property and reviewing current market data to determine
      whether the property has declined in value since the date of the original appraisal
      report. This policy applies regardless of whether the property was appraised
      as proposed or existing construction. The appraisal update must occur within
      four months prior to the date of the note and mortgage. Published May 6, 2026
      542 The original appraiser should complete the appraisal update; however, lenders
      may use substitute appraisers. When updates are completed by substitute appraisers,
      the substitute appraiser must review the original appraisal report and express
      an opinion about whether the original appraisers opinion of market value was
      reasonable on the date of the original appraisal report. The lender must note
      in the ﬁle why the original appraiser was not used. The inspection and results
      of the appraisal update must be reported on the Appraisal Update and/or Completion
      Report (Form 1004D). If the appraiser indicates on the Form 1004D that the property
      value has declined, then the lender must obtain a new appraisal for the property.
      If the appraiser indicates on the Form 1004D that the property value has not
      declined, then the lender may proceed with the loan in process without requiring
      any additional ﬁeldwork. When the eﬀective date of the original appraisal report
      is more than 12 months from the date of the note and mortgage (with or without
      an appraisal update) a new appraisal report is required. Except for single-close
      construction-to-permanent ﬁnancing loans, these policies apply to all appraisals
      including those that receive appraisal and value representation and warranty
      enforcement relief (see B5-3.1-02, Conversion of Construction- to-Permanent
      Financing: Single-Closing Transactions). See B4-1.3-12, Appraisal Quality Matters,
      for information concerning changes to the appraised value. See B2-1.5-02, Loan
      Eligibility, for information regarding property valuation requirements for mortgage
      loans sold to Fannie Mae more than four months from the note date. Desktop Appraisals
      When the eﬀective date of the original desktop appraisal report is more than
      four months from the date of the note and mortgage, a new appraisal is required.
      Multiple Appraisals of the Subject Property If the lender obtains more than
      one appraisal for a loan due to applicable law, regulation, lender policy, or
      otherwise, the lender must adhere to a policy of selecting the most reliable
      appraisal rather than the appraisal that states the highest value, document
      the reasons for relying on the appraisal, and submit the appraisal selected
      by the lender through the UCDP prior to delivery. These requirements also apply
      if the lender considers an appraisal to be deﬁcient (see B4-1.3-12, Appraisal
      Quality Matters). Use of an Appraisal for a Subsequent Transaction Fannie Mae
      will allow the use of an origination appraisal for a subsequent transaction
      if the following requirements are met: The subsequent transaction may only be
      a limited cash-out reﬁnance. The age of the appraisal report must be less than
      12 months from the note date of the subsequent Published May 6, 2026 543 transaction.
      If the appraisal report is greater than four months from the date of the note
      and mortgage, then an appraisal update is required. See preceding section, Age
      of Appraisal and Appraisal Update Requirements, for requirements for completing
      an appraisal update. The lender must ensure that the property has not undergone
      any signiﬁcant remodeling, renovation, or deterioration to the extent that the
      improvement or deterioration of the property would materially aﬀect the market
      value of the subject property. The borrower and the lender/client must be the
      same on the original and subsequent transaction. Note: The appraisal must comply
      with all other requirements in the Underwriting Property section of the Selling
      Guide. Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must
      follow the requirements in the UAD 3.6 Policy Supplement. Recent Related Announcements
      The table below provides references to recently issued Announcements that are
      related to this topic. Announcements Issue Date Announcement SEL-2025-04 June
      04, 2025 Announcement SEL-2023-02 March 01, 2023 Announcement SEL-2022-03 April
      06, 2022 Announcement SEL-2022-02 March 02, 2022 Announcement SEL-2021-06 July
      07, 2021'
  judgment: false
