The VA loan option offers many veterans the option of securing a home loan with several benefits and advantages. Because this program is backed by the government, it requires a unique appraisal process. (FHA loans require this too.) To ensure the property meets VA loan requirements, an appraiser will be assigned to review the property. This is NOT the same as a home inspection since the appraiser is looking out for the best interests of the government since it's providing the loan backing. In order to look out for YOUR best interests, you're highly encouraged to hire an independent home inspector.
The VA Loan Appraisal Checklist
If you're a buyer OR seller and know that the home is being purchased through a VA loan, it's wise to start preparing for the VA loan appraisal. Appraisers will be looking for certain things in the home in order for the loan process to continue. They will visit the home and inspect it inside and out, looking for evidence of proper maintenance and safety precautions. Sellers taking initiative to make VA-required improvements, or buyers understanding what will be needed to keep the process going, can help prevent the VA loan from being held up.
The VA Loan Appraiser will be looking at all areas of the home. They will be looking at hundreds of items. For a detailed, complete checklist of what the VA appraiser will be looking for, please call me. Each home appraisal will be different depending on the location, age, size and floor plan of the home. Some of the main areas reviewed by a VA appraiser will include every structural element of the home, mechanical systems, roofing systems and repair, safety hazards and more.
If they don't see some of these important features required for a VA loan, they might become "any observed repairs required to be completed.” In order to continue processing the loan (and getting the home bought/sold), you will need to make some of these repairs. Some common repairs our VA loan applicants have had to make include:
- add handrails for staircases with more than three steps
- add decks to homes with back doors
- fix leaking roofs
- ensure windows open or close properly
- fix termite damage or any other pest problem
- foundation repairs
- remove any lead paint (in homes older than 1978)
This is just a SMALL list of some of the common VA repairs. A VA appraiser will review your home and present you with a list of repairs that need completed.
The VA loan is a great option for veteran's wanting to buy a house. Luckily with us, you're not alone in the process. As VA loan specialists in the Kansas City area, we know what to expect and can walk you through the VA loan process ... and even the appraisal and required repairs ... each step of the way, feel free to call us (816)268-4025 with any questions you have and thanks for looking at VA Appraisals and Common Repairs with us!