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VA Loan Appraisal Fees and Timeliness Requirements

By
Mortgage and Lending with www.OneTimeClose.com

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 at the time of this writing.

Compliance inspections, when required by the VA fee appraiser, can cost anywhere from $100 or higher.

Mileage costs are an additional factor in appraisal fees–again, depending on the market, some areas may require an additional mileage cost to be included in the VA appraisal fee. Some states have geographic areas where charging mileage is not permitted. Illinois-based appraisers, for example, can’t charge a VA borrower mileage for appraisals done within Cook, Lake, or Du Page counties.

Each state has its own counties where mileage may not be charged, and different regions have different requirements for these charges.

For example, for all Illinois-based VA fee appraisers, the rules state, “Mileage fees will only apply outside of the appraiser’s home county for trips in excess of 75 miles roundtrip. The fee will only be charged on miles traveled beyond the base 75 miles roundtrip.”

Timeliness requirements also vary by region. For example, a VA appraisal should be done within 15 days in the North Dakota region, while some other states are allowed a 10 day window to complete appraisals.

Need to know the fees and appraisal schedules for your state? The Department of Veterans Affairs offers a U.S. map which links to the appraisal requirements for each state. Simply click on your state and you can view a PDF file will all pertinent information.

If you have questions about VA home loans, ask us in the comments section.

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