va loan appraisal process

VA Loans

Buying a Home with a VA Loan: Guide to the Appraisal Process

A home appraisal is a prerequisite for buying a home with a VA loan. Not only is it required by the VA, but it also protects you as the buyer from overpaying for a home.

Home appraisals are different from house inspections. Home inspections focus on the condition of the property. Appraisals, on the other hand, are an in-depth assessment of a home’s value.

An appraisal is used to determine whether the purchase price of the home matches what it’s worth. If there is a discrepancy between the two, you may have to renegotiate the price or pay the difference in cash.


VA Loan Appraisal Process

Since appraisals are mandatory for obtaining a VA loan, you should know what you are getting into. Here’s a closer look at the appraisal process.


Appraisal Inspection

The VA chooses a random appraiser and schedules an appointment for them to visit the home. This appointment is usually scheduled early-on in the buying process to keep everyone on track with the deadline. 


Appraisal Fees

Your lender may require you to pay the appraisal fee upfront. VA appraisal fees depend on location, size, and other characteristics of the property. When buying a home with a VA loan, you can expect to pay anywhere between $400-$1,000.


Property Appraisal

Appraisers review location maps, building perimeter sketches, and photographs of the property as well as comparable homes in the area. Next, they inspect the property to make sure it meets VA Minimum Property Requirements and create an appraisal report.


Property Appraisal Report

A property appraisal report shows the safety and habitability level of the house. Additionally, the report mentions the space inside the house and assesses if it is enough to carry out daily chores and functions efficiently or not. It also gives info about the access to roads, shops, parks, backyard, and neighbors.

The VA report also mentions the condition of the systems and structure of the home. Additionally, the appraiser mentions if the property is in danger of flooding, mudslides, avalanches, sinkholes, gas exposure, and environmental contamination. 


Appraisal Timeline

Your VA loan appraisal can take a total of 5 to 21 business days to complete. This timeline may be longer if there is a high demand for appraisals in your area. The appraiser will visit the property during this period, inspect it, and submit the report to the VA.


Want to Learn More About Buying a Home with a VA Loan?

If you want to learn more about VA loans, feel free to give us a call. At Mortgage Solutions Financial, we are always happy to answer questions and provide additional information. Call today to get in touch!