How is VA loan appraisal done?


A VA loan appraisal is demanded before a VA home loan is made. It is a little bit different from other appraisals because the home valuation is performed by VA approved appraisers only.

Some Quick Facts about VA Home Loan Appraisals

Your VA lender will order the appraisal for you. The Department of VA will assign a VA appraiser to perform it and it is not possible to ask for a particular VA appraiser. The VA appraisal fee is state-regulated - it will usually be up to $400 and may be required before closing.

With home purchases, the VA mortgage appraisal is ordered as soon as you get a contract for the home. With refinances you only have to tell the lender to order it for you.

A VA home loan will close only on a house that has no safety issues and is in a decent condition. If the house you chose is in need of repairs, they have to be finished (at least the major ones) prior to closing the loan.

If the VA house appraisal comes below the sales price, here are the things you can do about it since the VA loan can only be of the lesser of appraised value and house price.

  • Require Reconsideration of Value;
  • Seller comes down to VA appraised value;
  • You take slightly higher rate and the lender credits back to you some of the difference.
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