How old can an appraisal or evaluation be and remain acceptable for use in a Farmer Mac loan transaction?
Farmer Mac will not purchase any new Farm and Ranch loan (or refinanced loan) secured by property with a date of valuation more than one year prior to the date of purchase by Farmer Mac. Any appraisal or evaluation that is over this age at the time the related new or refinanced loan is sold to Farmer Mac must be updated or a current appraisal or evaluation must be obtained. When Farmer Mac purchases a seasoned Farm and Ranch loan (or a group of seasoned loans), the date of valuation in the appraisal report(s) associated with the loan(s) must not be over one year prior to the loan origination date(s). For guidance on this situation, see Chapter CV101.8 – General. When Farmer Mac commits to purchase loans or engages in a swap, the appraisal supporting the loan must have complied with the applicable standards or guidelines in effect at loan origination.
Related Questions
- Is it acceptable for a lender to provide brokers and loan production staff with a copy of the completed appraisal?
- Is it acceptable for a lender to provide brokers and loan production staff a copy of the completed appraisal?
- What is an acceptable credit score to secure a practice acquisition, start up or expansion loan?
