A mortgage appraisal does not carry an expiration date of its own. It states an effective date, the date the opinion of value applies to, and how long a lender may rely on it is set by the lender and the loan investor. For loans sold to Fannie Mae, the Selling Guide answers the question directly: the property must be appraised within the 12 months before the note date, and an update is required when the effective date is more than four months before it. Other loan programs and lenders set their own limits, so ask yours.
This article explains the effective date, quotes the Fannie Mae rule with its section and date, and covers what an Upland owner should tell the lender if the house has changed since the appraiser visited.
What is the effective date, and why does it matter?
Every appraisal states three dates that are easy to confuse. The inspection date is when the appraiser visited. The effective date is the date the opinion of value applies to; on a refinance or purchase loan it is normally the inspection date. The report date is when the appraiser signed the finished report, usually a few days later.
The opinion is tied to the effective date, not to the day someone reads it. A report does not become wrong as it ages; it becomes older evidence. The longer the gap between the effective date and the closing, the more a lender wants to know whether the market or the house has changed. That is the question every age rule is built around. The pillar guide to what the lender's form asks shows where each date sits on the report.
What does Fannie Mae's Selling Guide say?
Selling Guide section B4-1.2-04, Appraisal Age and Use Requirements, dated 06/04/2025, sets the rule for loans sold to Fannie Mae. In its words:
- "the property must be appraised within the 12 months prior to the date of the note and mortgage."
- An update is required when "the effective date of the original appraisal report is more than four months" but less than 12 months before the date of the note and mortgage.
- For that update, "the appraiser must perform an appraisal update that includes inspecting the exterior of the property" and reviewing current market data to decide whether the value has declined. "The appraisal update must occur within four months prior to the date of the note and mortgage."
- If the update shows the value has declined, "the lender must obtain a new appraisal for the property." If it has not, the loan may proceed.
- When the original effective date is more than 12 months before the note date, "a new appraisal report is required."
- For a desktop appraisal, one completed without the appraiser inspecting the property in person, a new appraisal is required if its effective date is more than four months before the note date.
The guide also says lenders using UAD 3.6, the data standard behind the redesigned Uniform Residential Appraisal Report, must follow Fannie Mae's UAD 3.6 Policy Supplement. Confirm with your lender which version of the rule applies to your file.
What form does an update use now?
Selling Guide B4-1.2-04 still names the Appraisal Update and/or Completion Report for the update. Freddie Mac's UAD and forms redesign FAQ lists that form, the 1004D/442, among the forms being retired and replaced, and says UAD 3.6 is mandatory for all new appraisal reports submitted on or after November 2, 2026. Under UAD 3.6, the FAQ says, the update and the completion report become two separate reports, a Restricted Appraisal Update Report or a Completion Report, each tied to an existing redesigned URAR submission. The guide to the redesigned URAR covers the new report in more detail.
Can the same appraisal be used for a later loan?
Only in narrow cases. Under the same Fannie Mae section, an appraisal can be reused for a later loan only under set conditions. The guide says "The subsequent transaction may only be a limited cash-out refinance." The report must be less than 12 months old at the new note date, the property must not have undergone significant remodeling, renovation or deterioration that would materially affect value, and "The borrower and the lender/client must be the same on the original and subsequent transaction."
A report ordered by one lender is written for that lender as the client. Whether a different lender will accept it is that lender's decision under its own investor rules.
What should an Upland owner tell the lender if the house has changed?
Anything that changes the property after the effective date. The appraisal describes the house as it was on that date, and an update looks at the exterior and the market, not a new interior. These are the kinds of situations that come up in Upland:
- A tract house south of the 210. A pool, an addition or a garage conversion finished after the visit is exactly the "significant remodeling" the guide asks about. Tell the lender, with permits and final sign-offs.
- A home in a designated historic district. Upland's historic preservation program lists the Euclid Avenue District and residential districts such as Old Magnolia, Pleasant View, Stowell and Victorian Row, and exterior modifications that alter a historic resource require a Certificate of Appropriateness from the Planning Division. If exterior work was approved and completed after the effective date, give the lender the approval and the dates.
- A north Upland view or large-lot home. Storm or slope damage after the visit is deterioration the lender needs to know about.
- A San Antonio Heights horse lot. It is unincorporated county land above the city. New barns, corrals or outbuildings should be listed with any county permits.
Upland is in San Bernardino County, and an update rereads the Upland market from Upland sales first, with any Claremont sale across the county line explained. The Upland area page describes these pockets, and the Upland refinance preparation guide lists what to have ready for the first visit.
What about FHA, VA, credit union and private loans?
Each program and lender sets its own age and update rules, and they differ. This article quotes only Fannie Mae's rule because that is the one cited here; for anything else, the lender's written policy is the answer. An automated estimate such as a Zestimate, an agent's CMA or the county's assessed value is not an appraisal and does not refresh an appraisal's effective date.
Next step
If a closing has slipped and the lender asks for an update or a new report, the order comes from the lender or its appraisal management company. Lenders, credit unions and brokers can order through residential appraisal for lending and refinance or call (909) 324-6122. Reports are typically delivered three to five business days from the inspection. The rest of the series is on the lending and refinance appraisals hub.
Sources
- Fannie Mae Selling Guide B4-1.2-04, Appraisal Age and Use Requirements (06/04/2025): https://selling-guide.fanniemae.com/sel/b4-1.2-04/appraisal-age-and-use-requirements (accessed November 6, 2026)
- Freddie Mac, UAD and Forms Redesign FAQs (UAD 3.6 mandatory date; forms retired, including the 1004D/442; update and completion reports under UAD 3.6): https://sf.freddiemac.com/faqs/uad-and-forms-redesign (accessed November 6, 2026)
- City of Upland, Historic Preservation (historic districts; Certificate of Appropriateness): https://www.uplandca.gov/historic-preservation (accessed November 6, 2026)
- Fannie Mae Selling Guide B4-1.1-03, Appraiser Selection Criteria (06/04/2025): https://selling-guide.fanniemae.com/sel/b4-1.1-03/appraiser-selection-criteria (accessed November 6, 2026)
- California Bureau of Real Estate Appraisers, license lookup for Gordon Hall, BREA No. AR003877: https://www2.brea.ca.gov/breasearch/faces/party/view.xhtml?id=23601 (accessed November 6, 2026)
Gordon Hall, California Certified Residential Real Estate Appraiser, BREA No. AR003877 (lookup: https://www2.brea.ca.gov/breasearch/faces/party/view.xhtml?id=23601). Reports are prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). Nothing here is legal or tax advice; admissibility is always the court's decision.
Frequently asked questions
Does a mortgage appraisal expire?
The report itself has no expiration date. It states an effective date, the date the opinion of value applies to, and the lender and loan investor decide how long they will rely on it. For loans sold to Fannie Mae, Selling Guide B4-1.2-04 (06/04/2025) sets the age and update rules.
What is Fannie Mae's rule on appraisal age?
Selling Guide B4-1.2-04, dated 06/04/2025, says the property must be appraised within the 12 months prior to the date of the note and mortgage, and requires an appraisal update when the original effective date is more than four months before that date. If the update shows a decline in value, the lender must obtain a new appraisal.
What does an appraisal update involve?
Under Fannie Mae's Selling Guide, the appraiser inspects the exterior and reviews current market data to decide whether the value has declined. Freddie Mac's UAD 3.6 FAQ says the old update form is being retired and replaced by a Restricted Appraisal Update Report tied to the redesigned URAR submission.
I added a pool after the appraisal on my Upland house. Should I tell the lender?
Yes. The appraisal describes the house as of its effective date, and Fannie Mae's rule on reusing an appraisal asks whether the property has undergone significant remodeling. Give the lender the permits and dates, and let the lender decide what the file needs.
