Financing · Fannie Mae B1-1-03, B4-1.2-04How long are mortgage documents good for? The 4-month and 12-month rules
When a closing date moves, documents can expire. On a Fannie Mae loan, credit documents – credit reports and employment, income and asset documentation – can be no more than four months old on the note date; with consecutive statements, the most recent one counts. Older documents must be updated. Appraisals have their own clock: the property must have been appraised within the 12 months before the note date, and if the appraisal's effective date is more than four months old, the appraiser must do an update – an exterior inspection and current market review on Form 1004D – within the four months before the note date. If the update shows the value declined, a new appraisal is required; past 12 months, a new appraisal is required in any case. A desktop appraisal older than four months always needs a new appraisal.
The clocks (measured on the note date)
Credit documents
No more than 4 months old: credit report, pay stubs, W-2s and other income and asset papers (B1-1-03).
Appraisal 0–4 months
Usable as is (B4-1.2-04).
Appraisal 4–12 months
Appraisal update on Form 1004D, done within 4 months of the note date; a value decline means a new appraisal.
Appraisal over 12 months
A new appraisal report.
Desktop appraisal
Over 4 months: a new appraisal.
Employment
Verbal VOE within 10 business days (employees) or 120 days (self-employed) – see B3-3.1-04.
When closing is extended
- Ask the lender which documents expire before the new date.
- Collect new pay stubs and bank statements from the buyer early – not the day before closing.
- If the appraisal will pass four months, ask whether an update (1004D) is needed and who pays.
- Put the expirations on the deal next to the new closing date.
Tax returns depend on the date too
- The "most recent year" is the last return scheduled to have been filed with the IRS.
- Around the April and October filing dates, the lender may need the new return, an extension form or IRS transcripts (B1-1-03).
Questions buyers and agents ask
How long is a credit report good for on a mortgage?
On a Fannie Mae loan, credit documents including the credit report can be no more than four months old on the note date (B1-1-03).
How long is an appraisal good for?
Up to 12 months before the note date; after four months it needs an appraisal update on Form 1004D, and after 12 months a new appraisal (B4-1.2-04).
Why does the lender want new bank statements when closing is delayed?
Because asset documents must be no more than four months old on the note date – measured by the most recent statement.
Related guides
When an amendment moves closing in ClosingCode, every dependent date moves with it – add the document expirations as dated tasks and nothing lapses unseen.
Start free trialSources: Fannie Mae Selling Guide B1-1-03 (04/02/2025) and B4-1.2-04 (06/04/2025), selling-guide.fanniemae.com, read October 25, 2026.
General information about Fannie Mae conventional loans, not legal or financial advice. FHA, VA, USDA and other investors have their own rules, and the lender can be stricter. ClosingCode is software; it is not a lender. This guide is not a substitute for the advice or services of an attorney.