What changes in a home appraisal after November 2, 2026?
On November 2, 2026, the appraisal used for most conventional home loans changes from fourteen separate forms to a single report built from structured data. For a buyer, the visible differences are separate condition ratings for the inside and the outside of the home and more detail on any accessory dwelling unit, while the right to a free copy of the appraisal stays exactly as it was.
The change comes from Fannie Mae and Freddie Mac, the two companies that buy a large share of conventional mortgages from lenders. It covers the appraisal report and the data inside it. It does not change how an appraiser forms an opinion of value, which still rests on the sale prices of comparable homes nearby.
Which buyers does the November 2 change affect?
It affects buyers whose lender plans to sell the loan to Fannie Mae or Freddie Mac, and whose appraisal is first submitted on or after November 2. Freddie Mac describes the rule plainly: the new format becomes mandatory for all new appraisal reports submitted on or after that date, and the date that counts is the submission date, not the date of the loan application or the appraisal's effective date, which is usually the day of the inspection.
That detail matters for anybody under contract right now. An appraisal ordered in late October and delivered to the lender in early November is covered by the new rules, even though the house was inspected before the deadline.
What a buyer will notice in the new appraisal report
Fourteen forms are being retired, including the 1004 used for most single family homes, the 1073 used for condominium units, the 2055 used for exterior-only appraisals and the 1004D used for updates and completion reports. In their place is one report whose layout follows the property rather than a form number. Fannie Mae puts it in one sentence: the data that describes the subject property drives the appraisal report, not a form type or number.
| Part of the appraisal | Before November 2, 2026 | From November 2, 2026, for most lenders |
|---|---|---|
| Report format | One of fourteen standard forms, chosen by property and assignment type | One report built from structured data, laid out around the property |
| Condition and quality rating scale | Existing scale and definitions | Same scale, with the definitions rewritten for clarity |
| Inside and outside condition | Not rated separately | Rated separately for the interior and the exterior |
| Accessory dwelling unit | Less detail | Described in more detail, including size, condition, rooms and location |
| Manufactured homes | Outside the condition and quality ratings | Condition and quality ratings apply |
| Your right to a free copy | Promptly on completion, or three business days before closing, whichever is earlier | Unchanged |
The separate interior and exterior ratings are the change most likely to matter in a negotiation. A house with a dated kitchen and a new roof used to sit under one condition label. Under the new report the two are recorded apart, which gives a buyer a clearer reading of where the appraiser saw the work that needs doing.
An October 2026 industry alert from Oklahoma's real estate regulators adds that supporting documents and photographs will sit inside the section of the report they support, and that on-site inspections will take considerably more time. Both are worth knowing if your contract has a tight appraisal deadline.
When the old form can still be used after November 2
On September 30, 2026, Fannie Mae and Freddie Mac announced a temporary exception for lenders who could not be ready in time. A lender has to apply for it separately with each company and commit to a plan for finishing the switch. Approved lenders may keep submitting new appraisals in the old format through May 19, 2027, and may resubmit earlier reports through June 27, 2027, after which the old format is retired. The companies stated that the November 2 mandate itself is not changing for everyone else.
For a buyer, the practical consequence is that two homes appraised in the same week can arrive on different forms, depending on the lender. The valuation method is the same. The way it is recorded is not.
Government-backed loans are on a different timeline
FHA, VA and USDA loans are not bound by the Fannie Mae and Freddie Mac date. Each agency sets its own schedule.
| Type of loan | Does the new report apply from November 2, 2026? |
|---|---|
| Conventional loan sold to Fannie Mae or Freddie Mac | Yes, for appraisals first submitted on or after November 2 |
| Conventional loan from a lender holding the temporary exception | Not yet. The old format is allowed for new appraisals through May 19, 2027 |
| FHA loan, including FHA reverse mortgages | Optional. FHA opened an optional period in early October 2026 and has not set a mandatory date |
| VA and USDA loans | Not yet. Both are expected to adopt the report, with no timing announced |
Your right to a copy of the appraisal does not change
The format is new and the rights around it are not. Under the federal Equal Credit Opportunity Act rules in Regulation B, section 1002.14, a lender making a first-lien loan on a home must tell you within three business days of your application that you have a right to a copy of the appraisal. It must then give you the copy promptly when the appraisal is complete, or three business days before closing, whichever comes first. You can waive that timing and agree to receive it at or before closing instead. The lender may not charge you for the copy, although it may charge a reasonable fee for the appraisal itself.
If the appraisal comes back below the price you agreed to pay, the gap between the two is a separate problem, explained in what an appraisal gap is and how to handle one.
Some loans will not have an appraisal at all
None of this applies to a buyer whose loan is approved without an appraisal. Fannie Mae calls this value acceptance, and Freddie Mac offers its own version. According to the American Enterprise Institute Housing Center, as reported by the Appraisal Institute, 19.9% of Freddie Mac purchase loans and 11.4% of Fannie Mae purchase loans in February 2026 received an appraisal waiver. If your lender tells you no appraisal is needed, the report described above will not exist for your purchase.
What to check if you are under contract now
Ask your loan officer two things. First, whether your appraisal will be delivered in the new format or the old one under an exception, and when it will be submitted, since the submission date decides which rules apply. Second, when the appraisal is expected back, and compare that date against the appraisal deadline in your purchase contract. If inspections under the new format run longer, a contingency written with no margin can expire before the report arrives. How those deadlines work, and which ones a first-time buyer should keep, is covered in what a contingency is when buying a house.
My appraisal was done before November 2 but sent to the lender after. Which rules apply?
The date that decides it is when the appraisal is first submitted to the Uniform Collateral Data Portal, the system lenders use to deliver appraisals to Fannie Mae and Freddie Mac. Freddie Mac states that the mandate is based on the submission date, not the loan application date or the appraisal's effective date, which is usually the day of the inspection. So an appraisal inspected in October but first submitted on or after November 2 falls under the new rules, unless the lender holds the temporary exception.
Can a lender still use the old appraisal form after November 2, 2026?
Yes, if the lender applied for and was approved under the temporary exception Fannie Mae and Freddie Mac announced on September 30, 2026. Approved lenders may submit new reports in the old format through May 19, 2027, and may resubmit earlier reports through June 27, 2027, after which the old format is retired. Every other lender must use the new report for appraisals first submitted on or after November 2.
Does the November 2026 appraisal change apply to an FHA or VA loan?
Not on the same date. In early October 2026 FHA opened an optional period in which lenders may submit appraisals in the new format for standard FHA loans and FHA reverse mortgages, but it has not set a mandatory date. VA and USDA are expected to adopt the same report, and no timing has been announced for either.
One part of the transaction does not change format on November 2. The comparative market analysis a listing agent uses to set the asking price stays a document, while the appraisal that tests that price becomes structured data. What that gap means for sellers and agents is the subject of the HousingWire column In November, the appraisal becomes data. The CMA stays a document. For the difference between the three kinds of valuation a buyer meets, see a CMA, an appraisal and an AVM.
Sources: Freddie Mac, UAD and forms redesign frequently asked questions. Fannie Mae, Uniform Appraisal Dataset 3.6 frequently asked questions. Fannie Mae and Freddie Mac temporary exception announced September 30, 2026, as summarized by Orrick, October 2, 2026. HousingWire, FHA optional transition to UAD 3.6, October 2, 2026. Oklahoma real estate regulators, industry alert on mortgage appraisal reports, October 2026. Consumer Financial Protection Bureau, Regulation B, 12 CFR 1002.14. American Enterprise Institute Housing Center, prevalence of GSE appraisal waivers, February 2026 data, as reported by the Appraisal Institute, May 5, 2026.
This article is general information, not lending, legal or appraisal advice. Confirm the details of your own loan with your lender.
The Independent Agent
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Written by Nikola G.