VA Appraisal Guidlines
Securing a loan and buying a home can be a nerve-racking experience. Fortunately, securing the required appraisal for your VA loan might actually take some of that stress away.
Important VA Loan Appraisal Information
- Make sure your loan officer orders your appraisal, not you.
- Appraisals usually run between $300-$400.
- Appraisers look for property improvements that need to be completed before the loan can be issued.
As with other common types of home loans, appraisals are a must to complete your VA loan process. These appraisals make sure that you aren’t purchasing – and the bank isn’t financing – a home that could end up being worth far less than you are paying. For your protection, you’ll definitely want to make sure that this vital step happens.
About VA Appraisals
First-time homebuyers and more experienced buyers alike need to be reminded of how the appraisal process works. This can go a long way toward preparing everyone involved and keeping the loan process on track. Rather than sending you into a panic they should give you a greater peace of mind.
Who Sets Up the Appraisal?
You, the buyer, should not be ordering your own VA loan appraisal. That’s the job of your loan officer. Also, even if you know someone who is an appraiser and are tempted to just call him up to take care of things, don’t. Once notified, the VA will issue its own assignment to an appraiser to handle the job.
VA Appraisers Scrutinize the Property
VA appraisers are specially trained up to VA standards. While it’s not necessarily true that the VA appraiser will nitpick over every little flaw in the property, he/she will be looking for any problems large enough to become a major risk to you, the buyer, or the bank financing the purchase. If there are any issues with the property, he/she might request improvements be made prior to the loan being issued, and this can only benefit you in the long run.
For example, if an expert noticed that a staircase in a property you were planning to buy had a badly built handrail, wouldn’t you expect her to notify you of the problem so it could be fixed before you moved in? Of course, and that’s the role that appraisers play in the loan process. Ultimately, you get the peace of mind that the property you’ve purchased is in good working condition and can take care of any potentially costly issues before you move in.
For anyone looking to purchase a new home, the appraisal step is one that might actually reduce your stress.