(UPDATED: January 2018)
If you are in the process of buying a new home or refinancing any property, an integrated step in this course of action is getting the home or property appraised. Getting an appraisal is also required when obtaining a VA Loan.
It is an important step to ensure that the lender does not issue a loan greater than the value of the home or property. The appraisal process also takes the necessary precautions in verifying the loan.
Remember, even if you, a friend, or an acquaintance is qualified to help during the appraisal process, only a VA-approved appraiser can assist you through the loan verification process.
Some common questions about VA Loans and VA-approved appraisers are:
- When should I start the appraisal process for a VA Loan?
- How much does it cost?
- What else do the VA-approved appraisers do?
When should I start the appraisal process for a VA Loan?
The correct answer is, the sooner the better. The appraisal process usually takes place in the early stages of the approval process. Completing an appraisal early on ensures you substantial time to fix or complete any problems or tasks before closing.
Using VA-approved appraisers will be able to assist you along the process. They can help answer any questions or concerns you may have during this process.
They will also be unbiased with their assessment of the home or property. If needed, you can request an appraisal through the US Department of Veteran Affairs website: www.va.gov.
How much does it cost for a home appraisal?
It varies from state to state, but on average it cost anywhere from $300 to $500. This cost is either required at the time of appraisal or added to the loan. This fee ensures you that the loan appraiser has been taught about your states laws, regulations and rules and has been trained properly to make accurate and appropriate appraisals before obtaining a VA loan.
During their appraisal, the VA-approved appraiser will search the home or property for safety and health issues, but they are not the same as an inspector. If you want someone to search the property or home for code violations, you will need to hire an inspector which will come with separate fees.
What else do the VA-approved appraisers do?
VA-approved appraisers not only help appraise your property or home but also verify that the home or property is livable. During the appraisal, the VA-approved appraisers will inspect the home or property for safety hazards that may put any of the occupants at risk.
All issues found by the VA-approved appraiser will need to be fixed before the deal can be closed and VA loan issued. However, the main purpose of a VA-approved appraiser is to determine the value of the property or home for the purpose of issuing a loan.
For more information about VA Loan guidelines, click here.
Remember, if you are in the process of buying a new home or refinancing your property, the best time to start the appraisal process is now. Make sure to get a VA-approved appraiser. They will be able to assist you along the process.
Also be sure to shop for multiple VA lenders as to whether or not you will require a VA appraisal in your situation. Submit your information below and we will match you with a great VA lender who can help you with the VA streamline program now.