While most veterans won’t need an appraisal for their VA loan, it may be required in some situations. Your loan officer may order the appraisal by submitting the request to the Department of Veterans Affairs. You will then be assigned an appraiser who will examine the property.
Passing the Appraisal
The VA employs a set of Minimum Property Requirements that must be met before the loan can go through and receive the full agency guarantee. In basic terms, the VA wants to make sure that you can immediately move into the home without having to make any major repairs. More specifically, the appraisal might check for:
- Working electrical systems
- Sufficient heating and air conditioning
- A roof in good repair
- Any pest or bug problems
- Broken or damaged structural components
If there are any issues with the home, they will need to be resolved before the VA loan can close. More than that, though, you owe it to yourself to make sure you know everything about the house that could possibly affect its value. Whether your home is new or has been standing for decades, it may be worth your time to discover what might cause problems in the future and get them fixed before the loan goes through.
If you have any other questions on the appraisal requirements for a VA loan, contact us today and learn more.