Appraisal Job Aid


VA – Stays with the veteran.  If the home does not close a new appraisal will be order for the next buyer.  Good for 4 months


FHA -  Good for 4 months.  UW has the option to keep that appraisal for up to 6 months.  Stays with the property if the buyer does not c

lose.  Can ask the new lender to pay for the appraisal prior to transfer, if it has not yet been paid for.


USDA - Good for 120 days.  30 day grace period so technically good for 150 days.

Conventional –  Good up to 12 months

Conventional Lending Guide Chapter 10 | Property and Appraisal Requirements

Cardinal Guidelines Conventional 4-2020


2nd Appraisal

A second appraisal may not be ordered, obtained, used, or paid for in connection with a Conventional or Non-Conventional loan transaction unless it meets one or more of the following and is deemed required by Credit Committee:

  • Reasonable basis to believe that the initial appraisal had a material deficiency, or was flawed or tainted, and such basis is clearly and appropriately recorded in the mortgage file

  • Second appraisal is done pursuant to written, pre-established bona fide pre- or post- funding appraisal review, quality control processes, or underwriting guidelines and so long as Cardinal adhere to a policy of selecting the most reliable appraisal, rather than the report that states the highest value

  • Second appraisal is required by law (i.e. 90 day flip rule as required on FHA transactions)

In addition to the above, the following external loan products will always require two full appraisals:

  • Chase Jumbo loan products with loan amounts > $2 million 

  • BB&T Jumbo loan products with loan amount > $1 million

  • SunTrust Jumbo loan products with loan amount > $1.5 million

  • Jumbo X  loan products with Loan amount > 1.5 million

  • TIAA Jumbo loan products with loan amount > $2 million or > $1.5 million and LTV is > 80%

  • SG Capital Jumbo  loan products with a loan amount > $1.5 million

  • Galton funding Jumbo loans when combined loan amount is > $1.5 million

The appraisers must not be affiliated with each other. The lowest of the two values will be used to determine the appraised value in the collateral value assessment.


Appraisal disputes

If you receive a request to dispute the value of an appraisal, please direct the requestor to submit an appraisal dispute request via the Support Page on The HUB with Request Type > Octane. All Conventional and FHA Appraisal Value Reconsideration Requests will be handled by our Support Team. VA Reconsiderations must be completed by the assigned underwriter on the loan.


VA (Tidewater). Tidewater generally means the appraiser's research, thus far, does not support a purchase price set forth within the purchase contract.

the Tidewater procedure allows an opportunity for a designated “Point of Contact” to provide market evidence for the appraiser’s consideration prior to establishing the final URAR value. The appraiser initiates the procedure by alerting the Contact person that the appraised value appears likely to come in under the sales price. The appraiser should not discuss the appraisal contents except to explain that the comparables located by the appraiser do not adequately support the sales price. The Contact person then has two business days to provide additional sales information in support of the sales price. Verification of closed sales is required. (Pending sales may be offered, but should only be used to support time adjustments.)

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Ron Pippin NMLS 218333 All rights reserved. Loan officers with Cardinal Financial.

For licensing information, go to Cardinal Financial Company, Limited Partnership (NMLS ID 66247).