VA Appraisals now need Interior Photos and other changes on Value Assessments

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883
https://activerain.com/droplet/qN4

The VA has recently made two major announcements in regards to Appraisals.  Here are the two changes:

1.     Interior Photos are now needed- This is not a major change since interior photos are needed on appraisals for FHA and Conventional.  The appraiser know must include photos of at least the: Kitchen, all bedrooms, main living area, examples of physical deterioration, examples of upgrades, restoration  and improvements. 

2.     Value Assessment- This one is a little bit more tricky.  In the past, the Lender’s Staff Appraisal Review(SAR) could give a value of 5% more or less than the VA appraisal value.  So if the lender disagree with a value they could give up to 5% more or less of what the VA appraiser assessed the value at.  This was a nice benefit in regards to appraisal values that just came in under the sales price.  This benefit has gone away, they can no longer alter the NOV(notice of value).   So what the VA appraiser appraises the home for, is what the final value must be. 

In our business, there are always changes happening.  These are two that can affect VA appraisals.  Please call or email me with any questions. 

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David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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Rainer
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David Companik
Keller Williams Realty - The Woodlands - The Woodlands, TX
Realtor ▪ The WoodlandsTX ▪ davidcompanik.com

Hello from your neighbor in The Woodlands!
Wow, this blog info is good to know. Another reason to rely on a loan professional: I can't possibly stay up to date on all of the mortgage industry changes! I'm glad I stopped by. Subscribing!

Jan 10, 2012 05:17 AM #1
Rainmaker
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David Krichmar
www.DaveYourMortgageGuy.com - Legend Lending - Sugar Land, TX
DaveYourMortgageGuy.com

Great, Thank You David!

Jan 10, 2012 05:26 AM #2
Anonymous
Tiffany

Have you heard of an improved property being rejected by VA appraiser because of an active or inactive crude oil pipeline transversing part of the property?

Jun 15, 2018 02:07 PM #3
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Rainmaker
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