202.02D
Valuation Date
Requirements
| Valuation Date | |
|---|---|
| If the Appraisal Date is more than... | You must... |
| 6 months before the Commitment Date | Instruct the Appraiser AppraiserPerson engaged to estimate a Property’s market value per USPAP. to update the Appraisal AppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. per Instructions for Appraisers ( Form 4827 ). |
| 12 months before the Commitment Date | Order a new Appraisal AppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. . |
Guidance
You may be required to obtain a new or updated Appraisal AppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. if Fannie Mae determines the market deteriorated between the
- Appraisal Date Appraisal DateEffective date of value in the Appraisal. , and
- Commitment Date Commitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .