Unlike a home inspection, a VA home appraisal will be required by your mortgage. Let’s take a quick look at VA home appraisals and VA-specific requirements.

As a VA borrower, you can reach out to a local Regional VA Loan Center to see what can be done to get an appraisal done quickly. That said, the VA’s home appraisal process is unusual because it’s more thorough than a regular home appraisal and it has requirements that are specific to VA loans. In the last two to three years, many home sales were delayed due to the high demand for appraisers. If the Tidewater process doesn’t resolve the discrepancy between the appraised value and the sale price, the buy can appeal the appraisal through the VA’s Reconsideration of Value (ROV) process.Īnother advantage of VA appraisals is that borrowers have recourse when appraisers become unresponsive and delay a loan closing. Lenders may also submit information about the community (e.g., recent job growth or development initiatives) that could increase the home’s appraised value). Such additional information may include data about comparable homes (comps) or recent updates to the home. If an appraiser thinks that the value of the home is lower than the contracted sale price, Tidewater allows the lender to provide additional information to the appraiser that supports the higher price before the final appraisal report is submitted to the VA. One advantage of the VA appraisal process is known as the Tidewater Initiative. FHA and USDA appraisal process The lot to be positioned so drainage moves away from the house, not toward it Handrails alongside steps and stairways A.

Va home loan appraisal checklist