Does the appraisal have to match the purchase price or loan amount?

No, the appraisal does not have to match either figure; it is an independent opinion of market value, and the appraiser has no vested interest in the outcome. The lender uses that opinion to set the loan terms and decide whether the loan is approved. If the appraised value comes in below the purchase price, the buyer may request a reconsideration of value, supported by evidence such as photos and receipts for improvements and a list of comparable home sales from the past 12 months.