Final answer:
FHA, VA, USDA, and jumbo loans may require a second appraisal, while conventional loans generally do not.
Step-by-step explanation:
If a second appraisal is required for a loan, it typically depends on the type of loan. In the case of FHA loans, a second appraisal may be required if the property's value has significantly increased since the initial appraisal. This is to ensure that the loan amount is still within acceptable limits. For VA loans, a second appraisal may be required when the first appraisal does not meet certain requirements. Conventional loans generally do not require a second appraisal, but it may still be requested by the lender depending on the specific circumstances. USDA loans, on the other hand, may require a second appraisal for certain properties that have been on the market for an extended period of time. Jumbo loans, which are large loans that exceed the conforming loan limits, may also require a second appraisal to further verify the property's value.