Selling Guide

Published April 07, 2021

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Can the same appraisal be used for a subsequent transaction?

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 appraisal report must not be more than 12 months old on the note date of the subsequent transaction. If the appraisal report is greater than 4 months old on 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.

For more information, see B4-1.2-02, Appraisal Age and Use Requirements 

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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