There is no single shelf life for a property condition assessment. Freddie Mac requires the report to be dated within six months before the full underwriting package is delivered, with the site visit within 30 days of the report. HUD requires a capital needs assessment completed no earlier than 180 days before the application. Other lenders set their own limits.
The limits below come from the agency guides, which we read on October 13, 2026. For a bank, CMBS or life company loan, we found no published rule. Ask the lender for its age limit in writing.
What is the age limit for each program?
| Program | Age limit | Source |
|---|---|---|
| Freddie Mac multifamily | Report dated within six months before the full underwriting package is delivered. Site inspection dated within 30 days before the report date | Multifamily Guide, Chapter 62 |
| Fannie Mae multifamily | Report dated as of the site visit date. Under 6 months before the Commitment Date when it has an HPB module. Up to 12 months without one, if the site visit is within 90 days of commitment and nothing material has changed | Multifamily Guide, Section 404.02 |
| HUD 223(f) and 223(a)(7) | CNA completed not earlier than 180 days before the Firm Commitment application | MAP Guide, Section 5.10.3 |
| HUD RAD conversion | CNA completed no earlier than 180 days before the Financing Plan, except with HUD approval | RAD Notice H-2019-09 / PIH-2019-23 Rev. 4 |
| Bank, CMBS, life company | Set by the lender | Ask your lender |
How does Freddie Mac measure age?
Freddie Mac uses two dates. The property condition report must be dated within six months before the date the full underwriting package goes to Freddie Mac. At initial submission, the site inspection behind the report must be dated within 30 days before the report date.
That means the site visit can be up to about seven months old when the package is delivered. A visit on November 15, 2026 supports a report dated December 15, 2026. That report supports a package delivered by about June 15, 2027. These dates are an example, not a real file.
Freddie Mac also asks the report to identify deviations from its Guide and from the most recent version of ASTM E2018.
How does Fannie Mae measure age?
Fannie Mae ties the report to the Commitment Date, the date Fannie Mae confirms a Commitment. Section 404.02 says the PCA report is dated as of the date of the consultant’s site visit.
- A report that includes a High Performance Building (HPB) module must be less than 6 months before the Commitment Date.
- A report without an HPB module may be dated up to 12 months before the Commitment Date. The lender must make sure a site visit happens within 90 days before the Commitment Date, and must confirm that the property has had no material adverse change since the report.
Fannie Mae also requires a new full PCA later in the life of a loan. A new full PCA is required every 5 years for Multifamily Affordable Housing properties. For other loans with a term over 10 years, it is required in the 10th loan year and every 10 years after. This is a separate rule from the age limit at origination, and servicers may waive it in some cases (Section 408.04E).
How does HUD measure age?
HUD calls the report a Capital Needs Assessment (CNA). Under MAP Guide Section 5.10.3, the CNA must be completed not earlier than 180 days before the application for Firm Commitment. If it is more than 180 days old at submission, HUD returns it. The needs assessor must then re-inspect the property and submit a new CNA in the CNA eTool.
For a RAD conversion, the notice says a CNA must be submitted with the Financing Plan and be completed no earlier than 180 days before submission, except with HUD approval.
HUD has also posted a draft Mortgagee Letter for public comment. It would let a Regional Production Director accept an older CNA when the lender gives reasonable justification. We could not confirm that this draft has taken effect, so treat 180 days as the rule and ask your lender before you plan around an exception.
For more on how a CNA differs from a PCA, read our article on HUD CNA versus PCA.
Can you reuse the seller’s assessment?
The guides above set age limits on the report and on the site visit. They do not say that a report ordered by someone else is acceptable. Ask the lender in writing whether it will take a seller’s report, and check that the date, the form and the consultant meet its rules. If the report is older than the limit, plan to order a new one.
How do you plan the order date backward from closing?
- Get the lender’s deadline for the report or the full package, in writing.
- Subtract the age limit. For Freddie Mac, subtract six months, and make sure the site visit falls within the 30-day window before the report date.
- Add time for the site visit, writing and review. Our ASTM property condition assessment page describes the work as site visits, interviews and document review.
- Add a cushion for a closing delay. If closing slips past the limit, the report is stale and needs a new one.
If you are comparing report types, our article on PCA versus CBI explains the difference.
Our capital needs assessment page covers the HUD side of this work. To plan an order date, call (208) 305-6245 or request a proposal.
Sources
- Freddie Mac Multifamily Guide, Chapter 62 Property Condition Reports
- Fannie Mae Multifamily Guide, Section 404 Property Condition Assessment
- Fannie Mae Multifamily Guide, Section 408.04E New Property Condition Assessments
- HUD MAP Guide (Handbook 4430.G), Section 5.10.3
- HUD RAD Notice H-2019-09 / PIH-2019-23 Rev. 4
- HUD Mortgagee Letter draft, Multifamily Improvements for MAP Efficiency
