va appraisal rules: 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)
va appraisal rules: Missing Kitchen Fixtures and the VA Appraisal
- 08/01/12 10:51 PM
A reader asks, “We have found a really nice HUD home in great condition, but all kitchen appliances are gone. They even took kitchen sink, most light fixtures have been removed. Other than that, the house is great.” “I understand that HUD doesn’t allow repairs prior to closing so I am trying to find out what I really need to pass VA inspection. Do realtors ever let you hook up stove, dishwasher, and sink so you can pass the VA inspection since you are pre-approved for loan and have won the HUD bid?” The reader’s question is affected by several factors–not … (1 comments)
va appraisal rules: VA Appraisal Issues and Concerns
- 06/27/12 12:27 AM
Some of the most common questions about the VA appraisal process involve the things an appraiser might write up as needing corrections as a condition of VA loan approval. Some borrowers–and sellers–are confused by areas listed in the VA Minimum Property Requirements (MPRs). For example, why is peeling paint considered a required connection as opposed to a cosmetic issue? The paint issue can be a serious sticking point in a VA appraisal for one important reason–VA MPRs are very strict on this subject. The Colorado VA Regional Loan Center rulebook for VA appraisers states, “Lead Based Paint – This constitutes an … (0 comments)
va appraisal rules: VA Appraisal Timeliness and Required Corrections
- 06/26/12 11:50 PM
A reader asks, “We had a VA appraisal performed on the home that we are purchasing with a VA loan. However, the VA appraiser is not providing anyone with some corrections that need to be performed. The bank tells us that they are not permitted to talk with him. So who is the appraiser permitted to provide these corrections to? It has been two weeks and he the VA appraiser is not being compliant. How do we find out what corrections need to be done in order to move forward on the purchase of our home?” VA appraisals don’t necessarily have … (1 comments)
va appraisal rules: 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)
va appraisal rules: 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)
va appraisal rules: 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)
va appraisal rules: 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)
va appraisal rules: VA Appriasal Rules: State Requirements
- 04/30/12 11:33 PM
We get many questions about VA appraisals. Some of the most common include specific queries about conditions such as peeling paint, houses equipped with fuse boxes, homes with septic tanks or well water systems, and many other topics. VA appraisals are governed by a set of rules established by the Department of Veterans Affairs, but they are also guided by state and local building codes and other requirements, too. The VA doesn’t publish or maintain the rules for each individual state, county, or township; instead it simply requires the appraiser to apply the state and local requirements as needed with the … (1 comments)
va appraisal rules: 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)
va appraisal rules: VA Loan Rules: The Deadline For a VA Appraisal
- 04/05/12 11:35 PM
I get many reader comments about VA home loans and am always happy to answer questions about the process. One common question involves the length of time it takes to get a VA appraisal done. Some borrowers want to know how long the process takes and whether the VA loan program has deadlines for getting the appraisal done in a timely manner. Unfortunately there is no single answer to that question because the time lines vary depending on the state you live in. The same goes for another common question about VA appraisals. All borrowers want to know how much they’ll … (0 comments)
va appraisal rules: VA Loan Appraisal Rules For Electrical Systems, High Voltage Lines
- 04/02/12 10:43 PM
There are a variety of frequently asked questions about appraisals, and some of those questions involve the rules covering electrical systems, high voltage and related topics. Since not all homes sold are brand-new, borrowers are right to wonder what the rules might be for older homes. How does a VA appraiser view the electrical panel in an older home, for example? What is acceptable to the appraiser? Can a home pass the appraisal with an older fuse-box style system? According to the Department of Veterans Affairs official site, “VA requires that electrical systems be safe, adequate and acceptable to the local authority. The … (1 comments)
va appraisal rules: 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)
va appraisal rules: VA Appraisals 101
- 08/30/11 03:10 AM
When buying a home with a VA insured mortgage loan, the property must be appraised by a VA-assigned fee appraiser before the loan can be approved. There are many reasons for this, but the VA lender’s guide puts it like this: “An appraisal is required to help ensure that any property which will become the security for a VA-guaranteed loan…has a value of at least as much as the loan amount, and is in a condition acceptable to VA.” The first part of the equation is easy to understand in spite of its’ complex nature. The Department of Veterans Affairs will … (0 comments)
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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