The VA Appraisal
Borrowers who wish to utilize the VA home loan program must have the home appraised by a VA certified appraiser prior to the final loan approval being issued. The Department of Veterans affairs will manage the ordering and issuance of the appraisal through their automated appraisal management system.
The home appraisal will provide the Department of Veteran’s Affairs, the lender and the homebuyer specific information about the condition of the property. This allows all parties to know if the property is a sound investment or if there are outstanding physical conditions, which will need to be addressed prior to the transfer of title and the funding of the loan.
When a home is a new construction or being custom built for a disabled veteran, the home will still be inspected by a VA appraiser to look for construction defects. The new home builder will need to be a VA approved builder in order for the property to qualify for a VA loan
For most buyers who use the VA home loan, the appraisal is a positive experience that helps them verify that the home is a solid investment. To find out more about the home buying process or to get started on your VA mortgage pre-approval, talk to one of our professional mortgage advisers today.