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VA Appraisal Guidelines with VA Appraisers 

va appraisal schedule

 

A VA loan appraisal is done to establish the fair market value of a property for home loans or refinancing. The VA appraisal Appraiser should analyze the property’s overall condition and value based on comparable sales in the area in the previous six months.

What are the Appraisal Minimum Property Requirements for VA Appraiser

Required by the lenders before closing the home there are minimum requirements that need to be met. Here are the minimum property requirements for VA Appraisals that effect the purchase price:

Marketable Real Estate

A single dwelling (which can comprise a multi-family property with up to four units), that is found to be residential real estate and in habitable condition is necessary. Keep in mind some states will have minor variations of requirements much like Georgia has it’s own unique minor changes to VA loan requirements.

Space and Construction Requirements

The property is ideal for you and other residents to live, sleep, cook, and eat on a daily basis. There must also be sanitary facilities.

Home Access

The house must be accessible at all times, whether by car or by foot. Either a public or private road provides access.

Property Encroachments

Fences, garages, and other constructions that cross the property line are examples of encroachments.

Drainage and Topography of the Property

The drainage rules are exactly what you’d anticipate. Sewage and surface water must flow swiftly and efficiently off your property. On your land, water cannot collect and form ponds.

Geological or Soil Instability, Subsidence, and Sinkholes

These concerns stem from the geological threats provided by your property. The only thing worse than your inspector finding them is not finding them at all.

Special Flood Hazard Area

You won’t be able to get a VA loan if you want to buy a home or land that floods frequently. Some limits apply even in high-risk zones.

Non-Residential Use

The minimal ownership requirements for Veterans’ Affairs do not prevent you from purchasing a VA property with non-residential structures. Certain restrictions apply, and the VA property must be purchased largely for residential purposes.

Appraisal Eligibility for VA Home Loan


A VA Home Loan candidate must demonstrate that his or her character, background, and employment type, as well as a minimum of 5 years of experience, allows them to competently conduct a fair evaluation in a specific field.

  • Expert advice from other Appraisers should be submitted in the VA Appraisal.
  • There must be no potential conflicts between an applicant’s employment and conduct as a Veteran Affairs fee Appraiser.
  • Candidates from the Department of Housing and Urban Development (HUD), the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), or the Postal Service are ineligible.
  • Members of the regional and state governments may be nominated to participate, but only under strict supervision. Their responsibilities must not cause or appear to cause a potential conflict of interest for the VA Appraisal audit.
  • Field stations will use the Credit Alert Interactive Voice Response System (CAIVRS) to do a thorough search to see if the applicant owes the federal government any unpaid outstanding debt.
  • Evidence of complete payment of the outstanding debt or a reasonable repayment plan is necessary when a potential applicant owes money to the federal government. 
  • A confirmation of the applicant’s execution of a promissory note for his arrears is also required.

VA Home Checklist for Appraiser

A VA appraiser list of common flaws found on VA appraisals and other evaluations is provided below for minimum property requirements. Make a proactive effort to address them in order to attract potential military or service member purchasers and streamline the appraisal process.

  1. Areas of the house that are inaccessible, such as the attic or crawlspace
  2. Wiring that isn’t protected
  3. Outbuildings that are dangerous
  4. Windows that are broken or obstructed
  5. Non-functional Opener for garage doors
  6. The garage door’s safety features aren’t operating.
  7. A water leak has resulted in a discoloured ceiling.
  8. Fascia, doorways, and garage doors are all surrounded by rotten timber.
  9. Near the steps or staircase, there is an unsecured or missing baluster.
  10. There is no stove, air conditioning, or water heater, among other essentials.
  11. The water heater and the electricity have been shut off.
  12. Paint flaking in homes built before 1978

Appraisers Timeline for VA Loan

VA Appraisals timeline are typically completed within the 10 days. However, calculating the  turnaround times may vary by state. Veterans’ Affairs require regional timeliness criteria, however they are more guidelines than legal obligations. In addition, the Appraiser must return to the property to re-inspect it if repairs are required. Make sure the appraisal is ordered far enough ahead of time to account for unforeseen events and delays.

How to Schedule a VA Appraisal

For current VA Appraisal Schedules, Prices and turnaround dates, contact your local Veteran’s Affairs Office in your location. When scheduling a VA Appraisal for home purchase loans, you must have a legal purchase contract and an executed VA Amendatory/Escape Clause. Keep in mind that if your property is a condominium, the condo project must either be on the VA Approval List or be approved.

  • Any new building site’s builders must be on the VA’s Approved Builder List.
  • For any new buildings or proposed properties, a Builder’s Certification (HUD 92541) is required.
  • If the property currently has a valid assessment from Veterans’ Affairs, a fresh evaluation cannot be sought.
 

VA Appraisal and Mortgage Life Insurance (VMLI)

Veterans’ Mortgage Life Insurance (VMLI) provides mortgage protection insurance to families of Veterans who have converted a property to meet their needs due to severe service-connected disability. Find out if you’re eligible, as well as how to apply for and maintain your coverage.
 
  • The funds will be sent to the bank or other lender who holds your mortgage, rather than to a life insurance beneficiary (a person chosen to receive the money from a policy when the insured dies).
  • The amount of coverage will be equivalent to the remaining balance on your mortgage, but will not exceed $200,000.
  • VMLI stands for “vanishing-term life insurance.” As your mortgage balance decreases, your coverage amount decreases. Your VMLI coverage will terminate if you pay off your mortgage.
  • VMLI has no cash value or loan, and it does not pay dividends (cash payments made to policy holders when the company makes a profit).
 

VA Home Appraisal Process 

During your home buying process it’s important to notify real estate agent  of your veteran status so they can find a property that meets the process. The appraiser collects comparable sale and property condition data into a report that is published to the VA’s secure web portal within 10 business days on average, though this might vary based on the location of the home and other considerations. The appraisal report will include an assessment of the property’s value as well as a list of any repairs required to bring it up to VA standards. Lenders have no control over the schedule or analysis of the VA appraiser.
 
Every appraisal report must be evaluated by either a VA staff appraiser or a lender’s Staff Appraisal Reviewer, according to the VA (SAR). Because many lenders lack their own SARs, they must submit their appraisals to the VA for review.
 

VA Appraisal Accuracy

Because the lender is providing a mortgage loan, it requires an accurate appraisal of the property to ensure that it is not lending too much money to the buyer. The appraisal is also significant to both the buyer and the seller since a lower appraisal value than the agreed-upon price may compel a buyer to restart price talks. An appraiser examines the property from the outside and/or inside, performs research, and responds to any specific requests from the lender. 
 

Get a VA appraisal from a qualified VA appraiser today!

To get your VA Appraisal started  contact the Mortgage Rates Today team for more information on the VA loan approval processers.

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