VA Loans - Appraisals

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Please use the links below to find out more about appraisals in relation to VA Loans.

Who orders the VA appraisal?

Your Home Loan Specialist will order the VA appraisal. He/she will submit the appraisal request through the online portal of the Department of Veterans Affairs. The VA then randomly assigns an appraiser to conduct the appraisal.

Contact a Home Loan Specialist for more information about appraisals or to get started on pre-qualification.

How much is the fee for ordering an appraisal?

The fee for a VA appraisal varies location and home type (single-family, multi-family, manufactured, etc.). The VA appraisal fee normally ranges between $400 and $600, but can be well over $1,000 depending on location and home type. This fee is generally paid by you prior to closing on the home and should be an expense you include in your home buying budget.

When is the appraisal ordered?

It is recommended that the appraisal be soon after you are under contract as possible to avoid any potential delays from the appraiser. Generally you will order a home inspection first to identify any issues that would keep you from wanting to move forward. A home inspection is not required by the VA but we strongly recommend ordering one anyways. Once you are satisfied with the home inspection, the appraisal is ordered.

Can I use the same appraiser that did an appraisal for me before?

With a VA Loan, the VA randomly assigns an appraiser to your new property to prevent any conflict of interest on the loan. In order to prevent this conflict, it is not possible to request an appraiser.

Are VA appraisers harder on appraisals than conventional appraisers?

Not necessarily. VA appraisers are trained and approved by the VA to represent the best interest of the home buyer and Department of Veterans Affairs. They will give you a true value of the home based on comparable listings in the area. In order to protect you as the buyer, the VA does require that the appraiser specifically look for certain conditions referred to as Minimum Property Requirements (MPRs). These requirements are set by the VA to ensure the home is safe, sound and secure. Any MPRs listed on the appraisal will have to be resolved prior to closing.

What sort of things could cause a problem with the appraisal?

The VA requires that a home be considered move-in ready and free of any safety hazards. These minimum property requirements ensure the home is safe and secure. An example of a few safety issues include, stairs with no railing or peeling lead based paint. These MPRs must be fixed by the seller, at no cost to the buyer, prior to closing.

Do the improvements have to be done before closing on my VA Loan?

Yes, for the most part all repairs noted on an appraisal have to be completed before closing on the new loan. Sometimes if circumstances arise beyond your control the lender will allow you to escrow for a repair and take care of it when weather or other factors permit.

What happens if the appraisal comes in lower than the sales price?

Home Loan Specialist

If this happens, there are a few things you can do. The VA will allow you to ask for what is called a reconsideration of value. With a reconsideration of value, you can request the value of the home be adjusted based on other comparable homes not used in the initial appraisal. Another option is for you to renegotiate the contract to the lower price or, if your situation permits, you can also pay the difference between the appraised value and the contract price. The VA only permits the mortgage amount to be the lower of two values: the sales price and the appraised value.

Additional Questions on the VA Loan Appraisal?

If you have questions on the VA Loan Appraisal, or if you want to determine if a VA Home Loan is the best financial decision for you, contact VA Mortgage Center online or call 800-405-6682.

Get Started With Your VA Loan Request

Take the first step in your VA Loan by getting in touch with a Home Loan Specialist.
We are not a Government agency. No obligation. It takes 2 minutes.

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