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

Mortgage and Lending with - Legend Lending NMLS #293883

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

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

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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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David Companik
Keller Williams Realty - The Woodlands - The Woodlands, TX
Realtor ▪ The WoodlandsTX ▪

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
David Krichmar - Legend Lending - Sugar Land, TX

Great, Thank You David!

Jan 10, 2012 05:26 AM #2

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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