What is a VA Appraisal?

Is this article we will define what a VA Appraisal is and everything you need to know about Requirements, Eligibility, Schedules, Checklists and Timelines for 2022.

va appraisal schedule

 

On a VA home purchase or refinance, Appraisers establish the fair market value of a property. The VA appraisal should analyze the property’s overall condition and value based on comparable sales in the area in the previous six months.

VA Appraisal Requirements

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.

Access

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

Encroachments

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

Drainage and Topography

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 location. 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 property with non-residential structures. Certain restrictions apply, and the property must be purchased largely for residential purposes.

VA Appraisal Eligibility


A 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.
  • 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.
  • 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 Appraisal Checklist

A list of common flaws found on VA appraisals and other evaluations is provided below. Make a proactive effort to address them in order to attract potential purchasers and streamline the appraisal process. Would you like a print-out of this checklist? Contact us today!

  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

VA Appraisal Timeline

VA Appraisals are typically completed within the 10 day timeline; however, 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.
 
To get your VA Appraisal started  contact the Mortgage Rates Today team for more information on the VA loan approval process.

 

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Debt to income ratio for VA loan

Debt to Income Ratio for VA Loan Debt-to-income ratios determines whether you qualify for VA loans. VA loans are eligible for debt-to-income ratios of up to 41%. According to general definitions, the debt-to-income ratio is the percentage of your monthly gross income that is used to pay off debt. It is actually the ratio between your gross monthly income and

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What credit score is needed for a VA loan

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debt to income ratio for va loan

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Debt to Income Ratio for VA Loan Debt-to-income ratios determines whether you qualify for VA loans. VA loans are eligible for debt-to-income ratios of up to 41%. According to general definitions, the debt-to-income ratio is the percentage of your monthly gross income that is used to pay off debt. It is actually the ratio between your gross monthly income and

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