va appraisals: VA Loan Reader Questions: Appraisal Requirements
- 10/25/12 09:04 PM
A reader asks, “We are selling a house and we had not put on the light switch plates yet as we just repainted. As well, he said he wants smoke alarms in each bedroom? We have 2 story Condo and a combo smoke/carbon monoxide detector in upstairs hall and downstairs hall- these things are $50 each plus installation. FHA nor Fannie requires this. He will charge a whopping $175 or half the price of the appraisal to come inspect after done. So, three questions;
1- Is it requirement to have wall plates on? 2- Smoke only or combo units to be … (2 comments)
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va appraisals: VA Loan Appraisal Requirements For Private Roads: A Reader Question
- 08/22/12 11:10 PM
A reader asks, “My VA appraiser denied my appraisal because it was on a gravel road and he deemed it a private road and required a maintenance agreement.”
“According to HUD, no maintenance agreement is required. According to the subdivision laws of the county required private roads have deed restrictions when subdivided to maintain roads. Why did this guy stop my loan for a house with NO PROBLEMS over a dirt road? What can I do to stop this?”
HUD rules and VA rules may differ, but the VA minimum property requirements (MPRs) are firm–the only exceptions to these MPRs must … (3 comments)
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va appraisals: VA Loan Reader Questions: Siding, Drywall, and other Appraisal Issues
- 07/10/12 11:35 PM
A reader asks, “I’ve found a home in foreclosure at what I feel to be fair or even better. However there are two places at the base of the siding which have slight rot going up an inch or two. Also one corner eave joint has the same. Structurally the home is sound, cosmetically these areas slightly noticeable but apparent if one is inspecting.”
“Obviously the bank will not do or allow repairs that I know of. Is this a deal breaker? I would repair this eventually especially if the VA made it a stipulation upon purchase, is that even … (0 comments)
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va appraisals: VA Loan MPR Rules on Asbestos
- 06/10/12 11:17 PM
After viewing a recent post about VA minimum property requirements and appraisals, one reader asks, “What about asbestos shingles on an older home?”
Assuming the reader is asking whether asbestos shingles would disqualify a home from being approved for a VA guaranteed mortgage, or whether asbestos shingles would need to be replaced in order for the property to be approved, we responded to the reader saying local building codes or other applicable law would be enforced in this situation. The Department of Veterans Affairs does not specifically address asbestos singles in it’s minimum property requirements.
That said, the VA does get … (1 comments)
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va appraisals: VA Minimum Property Requirements: Common Issues
- 06/06/12 12:01 AM
The Department of Veterans Affairs has a rulebook for VA home loans which includes a list of minimum property requirements that are used to guide VA appraisals.
One of the most frequently asked questions about VA home loans in general is, “What does the VA appraiser look for?”
While the answer to that question is too long to include in its entirety here, we can provide some of the most common issues and areas VA appraisers are required to review. For example, every home appraised by a VA fee appraiser must have a heating system which is “adequate for healthful and … (1 comments)
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va appraisals: The VA Loan No Accomodation Rule for Appraisals
- 05/24/12 09:58 PM
When it’s time to start the VA home loan process, the borrower fills out an application, submits to a credit check, and has employment and income verified.
First time home buyers may feel a lot of scrutiny with that first home loan application, but that level of attention is not reserved for the borrower alone–the VA appraisal process also gives attention to the property to be purchased with a VA guaranteed home loan.
The Department of Veterans Affairs has a list of rules and requirements when it comes to appraising a home and the surrounding property, rules which protect both the … (0 comments)
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va appraisals: VA Loan Appraisal Fees and Timeliness Requirements
- 05/23/12 10:27 PM
One of the most frequently asked questions about VA home loans is a two-parter. “How much do VA appraisals cost and how long do they take?”
Unfortunately, there’s no set answer to either–VA appraisal fees vary depending on the market you’re in and what is considered typical for one section of the country may be quite different than another.
For example, VA appraisal fees on a single-family home in Oklahoma or Texas are listed at the time of this writing at $400. But for North Dakota, the fee on a single-family home appraisal is $450. In Hawaii, the fee is $525 … (0 comments)
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va appraisals: VA Loan Appraisals For Older Homes
- 05/15/12 11:57 PM
A reader asks, “What do we need to know about older homes in order to obtain VA financing. For example…does VA consider foundations of rock and mortar? Are there any age requirements for furnaces, electrical panels, etc.”
“We are thinking of looking in town for a property which would have city water and sewer. Is there any problem with that? Also, is there any particular property/lot size? I would appreciate any information you may give.”
These are important questions for anyone considering the purchase of an older home. Plenty of areas including New York, Chicago, Cleveland and similar markets have a … (1 comments)
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va appraisals: VA Loan Reader Questions: Minimum Property Requirements
- 05/13/12 11:44 PM
A reader asks, “I applied for a VA loan and the appraisal was done. The appraisal came back higher than the loan ($30,000 higher), but the lender says I have to make minor repairs to my house before I can proceed with the loan. My question is why do I have to make these repairs when the VA makes loans for home renovations ?”
An entire chapter of the VA Lender’s Handbook is dedicated to what the Department of Veterans Affairs calls Minimum Property Requirements. These requirements are listed to help VA appraisers know what homes should be approved for VA … (1 comments)
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va appraisals: VA Loan Appraisal Rules for Electrical Systems
- 04/25/12 12:04 AM
One type of frequently asked question about the VA appraisal process involves what’s considered acceptable to VA appraisers when it comes to older homes. For example, does the VA allow homes with older electrical systems to be approved for VA guaranteed mortgages?
How does the VA appraiser determine what’s acceptable when it comes to fuse-style panels or similar, older systems? When it comes to specific types of electrical panels, the Department of Veterans Affairs does not specify makes, model numbers, or issue rules about dates of manufacture. Instead, the VA defers to state or local law.
According to the VA loans … (0 comments)
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va appraisals: VA Loan Reader Question: VA Appraisals and Unfinished Rooms
- 03/12/12 11:21 PM
A reader asks about a previously owned home up for sale with some work missing. “…(T)he last owner left the master bathroom unfinished, floor and wall tiles missing, sink, cabinet and toilet not installed but everything is in a closet including the tiles.”
“It is an approved short sale for less than the comparables, the bank will not do any repairs and will not let me because of liabilities.”
Will the VA inspector see a problem even if the house has two more bathrooms?”
It’s tough to answer a question like this for several reasons–one of which being that while … (0 comments)
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va appraisals: VA Loan Appraisal Rules: Your Mileage May Vary
- 02/27/12 09:49 PM
A reader asks, “I’m getting ready to make an offer on a house which sides to a freeway sound wall. Will this type of location disqualify the house for a VA loan?”
While the Department of Veterans Affairs does specify a wide range of conditions for which a home may not be acceptable for a VA mortgage loan, the rules for what the VA terms Minimum Property Standards do not address each and every situation a home buyer might face. Questions like these may have different answers depending on where the home is located.
For example, the VA appraiser may review … (1 comments)
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va appraisals: VA Loans, Appraisals, and Minimum Property Requirements
- 02/08/12 01:11 AM
The VA appraisal is a major part of the loan approval process. When a buyer chooses a property he or she wants to purchase with a VA-guaranteed mortgage loan, a VA appraiser must review the home to make sure it meets the VA minimum property requirements.
We get frequent questions about these requirements, also known as VA MPRs. Some of the most common involve the placement of smoke detectors, requirements for electrical, water and sewage systems, plus “why didn’t the home pass inspection?” queries.
Borrowers should know that VA MPRs are written for general conditions and specific issues, but the VA … (0 comments)
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va appraisals: VA Local Requirements For Georgia, Hawaii, and Idaho
- 06/14/11 02:09 AM
In some of our recent blog posts, we’ve reviewed local requirements properties must meet in order to be approved for a VA home loan. These local requirements are reviewed when a VA-assigned appraiser comes to look at the home and assign it a fair market value; the appraiser is required to look at property to make sure it meets VA minimum property standards (MPRs for short) plus any local requirements that may apply.
Any condition observed that does not meet VA MPRs or the local code must be corrected before the loan can be approved. The VA does not maintain a record … (2 comments)
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va appraisals: VA Loans: Local Requirements For Connecticut, Delaware, District of Columbia and Florida
- 05/18/11 02:33 AM
In recent blog posts we’ve discussed the local requirements properties must meet in order to be considered for a VA home loan. When a VA borrower wants to purchase a property with a VA insured mortgage, the home must be appraised and assigned fair market value before the loan can be approved.
A VA assigned appraiser looks over the property to make sure it meets VA minimum property standards plus any local requirements as spelled out by city codes or other regulations. Any condition observed that does not meet the local requirements must be corrected before the loan can be approved.
… (1 comments)
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va appraisals: Local Requirements for VA Appraisals: Arizona, Arkansas, California and Colorado
- 05/09/11 12:53 AM
As part of our ongoing series on local requirements for appraisals for VA home loans, we’re examining local requirements by state in Arizona, Arkansas, California, and Colorado. The VA-assigned appraiser must not only note any condition that doesn’t meet the Department of Veterans Affairs minimum property requirements, but they must also note conditions that do not meet local requirements such as the ones listed below.
These local requirements can change or be modified based on changes in the law, local building code requirements or other factors. When it comes to these local requirements, VA regulations state, “VA offices may instruct fee appraisers to list, when … (1 comments)
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va appraisals: Local Requirements for VA Appraisals: Alabama and Alaska
- 05/05/11 02:44 AM
As mentioned in previous blog posts, the VA appraisal process is one of the most important parts of buying a home with a VA mortgage.
Until the appraisal is complete and the Notice of Value is delivered, the deal cannot close. The VA appraiser is responsible for making sure the property lives up to VA minimum property requirements and any local requirements as listed by the Department of Veterans Affairs.
As part of an ongoing series, we’re examining local requirements by state. VA appraisers must note any condition that doesn’t live up to these local requirements, which are subject to change depending on current law, building codes or other factors.
The VA rules for local conditions includes, “VA offices may … (1 comments)
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va appraisals: VA Loans: What Makes a Property Ineligible for a VA Home Loan?
- 05/02/11 02:41 AM
When a buyer finds a suitable property, before he or she can be approved for a VA home loan the house must be appraised to determine fair market value and make sure it meets minimum property requirements.
When the appraiser takes on an assignment to look over such a property, the first order of business is for the appraiser to determine the nature of the property as new construction, existing construction, or proposed/under construction. Depending on which type of property it is, the way the home is appraised may vary.
Once the type of property has been established, there is a list … (1 comments)
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va appraisals: VA Appraisals: How Long Until a Notice of Value Expires?
- 04/29/11 01:25 AM
VA rules state that any property to be purchased with a VA insured loan must have a notice of value assigned after being reviewed by a VA assigned appraiser. The notice of value or NOV for short allows the VA to issue a VA loan amount for the purchase based on the fair market value of the property.
But once the property is appraised, how long does that NOV remain in effect before a new one is required? If the borrower waits too long to decide on the loan, will he or she be required to pay for another NOV in … (1 comments)
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va appraisals: VA Appraisal Facts
- 04/13/11 02:27 AM
The VA Loan appraisal process is designed to establish the fair market value of a property the VA loan applicant wants to purchase with a VA-insured home loan. Appraisals are also used to establish that the home meets VA minimum property requirements and is safe, habitable, and marketable in the event that the VA borrower decides to sell the home and move on.
In the same way that homes must live up to VA requirements, so must the people charged with performing the appraisals for the Department of Veterans Affairs. The VA does not have a staff of appraisers on hand to carry out the … (1 comments)
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A reader asks, “We are selling a house and we had not put on the light switch plates yet as we just repainted. As well, he said he wants smoke alarms in each bedroom? We have 2 story Condo and a combo smoke/carbon monoxide detector in upstairs hall and downstairs hall- these things are $50 each plus installation. FHA nor Fannie requires this. He will charge a whopping $175 or half the price of the appraisal to come inspect after done. So, three questions;
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