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What is a home appraisal?

A home appraisal is a written, independent opinion of how much a home is worth, which a lender may require when you buy or refinance. It estimates value; it is not a home inspection.

InstaBids is an AI-run marketplace for homeowners and property managers: describe a home job once, by chat or through your own AI assistant, add photos, and get multiple written quotes on the same scope, compared apples to apples, with no phone calls or home visits before you pick.

By InstaBids editorial team with AI research agents. Updated

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What home appraisal job do you need done in your home? Describe it once to start your written scope.

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What does a home appraisal look for?

For a loan sold to Fannie Mae, the appraiser weighs the home against similar sold homes on features such as site, room count, finished area, style and condition, and must write up problems that hurt value. The Fannie Mae Selling Guide sets out what counts and what is outside the appraiser's job: “Comparable sales should have similar physical and legal characteristics when compared to the subject property.” Source: Fannie Mae, read 2026-10-29. “These characteristics include, but are not limited to, site, room count, finished area, style, and condition.” Source: Fannie Mae, read 2026-10-29. “Detrimental conditions of the improvements must be reported in the appraisal even if the conditions are typical for competing properties.” Source: Fannie Mae, read 2026-10-29. “Appraisers are not responsible for hidden or unapparent conditions.” Source: Fannie Mae, read 2026-10-29.

How does the CFPB define a home appraisal?

A home appraisal is a written opinion of what a home is worth, and the Consumer Financial Protection Bureau stresses that the opinion is meant to be independent. Its consumer guide puts it this way: “An appraisal is a written document that shows an opinion of how much a property is worth.” Source: Consumer Financial Protection Bureau, read 2026-10-29. “An appraisal is an independent assessment of the value of the property.” Source: Consumer Financial Protection Bureau, read 2026-10-29.

How does a home appraisal work?

Under Fannie Mae rules the appraiser makes a visual inspection of the accessible areas of the home, then supports the value with at least three closed sales of comparable homes. For a typical first-mortgage loan, the Consumer Financial Protection Bureau says you get a copy of the result no later than three days before closing: “It describes what makes it valuable and may show how it compares to other properties in the neighborhood.” Source: Consumer Financial Protection Bureau, read 2026-10-29. “Appraisals based on interior and exterior inspections must include complete visual inspections of the accessible areas of the property.” Source: Fannie Mae, read 2026-10-29. “A minimum of three closed comparables must be reported in the sales comparison approach.” Source: Fannie Mae, read 2026-10-29. “For a typical home loan (that is, a loan secured by a first mortgage on your residential real estate), you are entitled to receive a copy of appraisals and opinions of value your lender gets.” Source: Consumer Financial Protection Bureau, read 2026-10-29. “You should receive them soon after they are delivered to the lender in complete form—no later than three days before closing.” Source: Consumer Financial Protection Bureau, read 2026-10-29.

How long does a home appraisal take?

No single national deadline covers every home appraisal. For VA home loans, the Department of Veterans Affairs sets the number of days allowed for completion by state and county, and it counts that time in business days, so a weekend in the middle does not count against the appraiser: “Appraiser timeliness starts the first business day after the assignment date.” Source: U.S. Department of Veterans Affairs, read 2026-10-29. “Weekends and federally recognized holidays are not counted.” Source: U.S. Department of Veterans Affairs, read 2026-10-29.

How long is a home appraisal good for?

It depends on the loan program. HUD's FHA appraisal record treats an appraisal as valid for up to 180 days from its effective date, while Fannie Mae requires the home to have been appraised within the 12 months before the date of the note and mortgage, with an update once the report is more than four months old: “The appraisal is valid for up to 180 days from this date.” Source: U.S. Department of Housing and Urban Development, read 2026-10-29. “The appraisal validity period may be extended for up to one year if an Restricted Appraisal Update Report is processed.” Source: U.S. Department of Housing and Urban Development, read 2026-10-29. “When an appraisal is obtained, the property must be appraised within the 12 months prior to the date of the note and mortgage.” Source: Fannie Mae, read 2026-10-29. “When the effective date of the original appraisal report is more than four months but less than 12 months from the date of the note and mortgage, the appraiser must perform an appraisal update that includes inspecting the exterior of the property and reviewing current market data to determine whether the property has declined in value since the date of the original appraisal report.” Source: Fannie Mae, read 2026-10-29.

FHA home appraisal

An FHA home appraisal is the appraisal required for an FHA loan, the mortgage program run by the Federal Housing Administration within HUD. HUD's notice to FHA buyers, form HUD-92564-CN, spells out that the appraisal is about value for the lender and is not an inspection of the house: “An appraisal is required to estimate the home’s value for your lender and does not replace a home inspection.” Source: U.S. Department of Housing and Urban Development, Federal Housing Administration, read 2026-10-29. “A home inspection will only occur if you arrange for one; FHA does not perform home inspections.” Source: U.S. Department of Housing and Urban Development, Federal Housing Administration, read 2026-10-29.

Who does a home appraisal?

A home appraisal is done by an appraiser the lender selects, not by the buyer, the seller or the real estate agent. For a loan sold to Fannie Mae, the lender answers for that choice and for the quality of the appraiser's work, and the Selling Guide says: “The lender is responsible for the selection of appraisers and for the qualifications and quality of work provided by the appraisers that are selected; may not use appraisals ordered or received by borrowers or other parties with an interest in the transaction, such as the property seller or real estate agent.” Source: Fannie Mae, read 2026-10-29.

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