Appraisal age & updates
An appraisal can still be valid after four months—but it may need an update before closing.
Fannie 12-month maximum framework
When an appraisal is required, the property must generally have been appraised within the 12 months before the note and mortgage date.
More than four months old
If the appraisal effective date is more than four months but less than 12 months before the note date, Fannie generally requires an appraisal update that includes an exterior inspection and review of current market data.
Property changes matter
The lender must ensure there has not been significant renovation, deterioration or another material change that would make reuse of the earlier valuation inappropriate.
Official guide baseline
Fannie Mae Selling Guide · Freddie Mac Seller/Servicer Guide
Property eligibility, valuation method, appraisal findings, AUS messages and lender overlays all matter. The appraisal supports collateral eligibility; it does not replace underwriting.