What is the VA Appraisal Process?
The VA appraisal process is actually very streamline and efficient. Because of the mortgage fall back in 2008, no lender on any loan program is allowed to pick the appraiser for a particular property. Even if you have no control over the exact appraiser, an appraisal is required for any veteran wanting a VA home loan.
What is an appraisal?
An appraisal is set up to determine the market value of the your desired home. The appraisal process is required by the VA, and you cannot be approved for a VA home loan until is it completed. An appraisal may sound like a typical inspection, but its actually a completely independent process that requires a special appraiser set up by the VA.
Because these two processes are separate, setting up a home inspection in addition to your appraisal is valuable. A home inspection will more vigorously cover all the aspects of your home and uncover any issues that may need to be attended to before moving in.
Minimum Property Requirements
The VA sets Minimum Property Requirements, or MPRs, and your desired home must meet all of these MPRs in order to qualify for a VA loan. The MPRs cover issues that will need an immediate or near-immediate solution, and they cover the basics “S’s.” That is safety, sanitation and structural integrity, and these three factors are looked at during the VA’s appraisal process. Some of the specifics covered during an appraisal are:
Heating and Cooling Systems
- Water Supply
- Sewage Disposal Systems
- Handrails on Staircases
- Exterior Paint
Borrowers who have want a home that does not meet the MPRs will have a difficult time securing any type of VA financing. Exemptions do exist, but the problems must be resolved before the home loan closes. It is important to remember that the process is set up to protect the veteran home owners from finding any unexpected and costly fixes after moving in.
VA Appraisal Process
The appraisal process is a basic two-fold process that determines both the value of your desired home and whether or not it follows the VA’s MPRs. Having a real estate agent and lender who completely understands the VA appraisal and approval process can make a real difference. Trust the knowledgable home loan experts at VA Loan Spot to get you into your dream home. Give us a call today.
Bobby Atkisson is a seasoned mortgage professional who provides high quality financial services to military members and veterans. With over 14 years experience in the lending and financial industry, his mission is to provide high quality mortgage programs with the most competitive interest rates. For expert advice and guidance on VA Home Loans and Refinance, contact Bobby today at 800-537-2050.