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Can a FHA appraisal be transferred to another mortgage lender
Can a FHA appraisal be transferred to another mortgage lender?
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1 Reply
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Certainly, an FHA appraisal can be passed to another mortgage lender. However, the appraisal report is usually valid for 120 days per HUD guidelines. FHA home appraisals can be transferred from one lender to another.
Mutual Agreement: The original lender needs to agree to the transfer of the appraisal to a new lender. In practice, this usually means sending the appraisal from the original lender to the new lender together with a letter allowing for such transfer.
Appraisal Validity: When it is transferred, it must still be within its validity period (120 days). Otherwise, another one will have to be done.
Same FHA Case Number: The new lending company has requested the FHA case number changeover while transferring an appraised credit facility originally assigned by their previous provider.
No Alterations: There should be no alterations or modifications when moving between organizations during the handover process. It must remain exactly as is.
New Lender’s Acceptance: If doubts about quality or authenticity exist, some institutions may ask for additional documents or even refuse to accept already-made valuation reports. They have concerns about meeting their underwriting requirements altogether, although this rarely happens. So, if you plan on doing so, always speak with old and new lenders.