When you’re buying a home with a VA loan, a crucial step in the process is getting a VA appraisal. This appraisal helps determine the fair market value of the home you’re looking to purchase, making sure it meets the VA’s minimum property requirements. One common question that comes up is: How long does a VA appraisal stay with the house?
How long does a VA appraisal stay with the house?
The VA appraisal stays with the house for a period of six months. During this six-month period, if another buyer wants to use a VA loan to purchase the same property, the previous appraisal can be used as long as it is still valid.
FAQs:
1. Can a VA appraisal be transferred to a new buyer?
Yes, a VA appraisal can be transferred to a new buyer within the six-month validity period.
2. What happens if the appraisal expires before the sale is completed?
If the VA appraisal expires before the sale is completed, a new appraisal will need to be ordered.
3. Can a VA appraisal be used for a refinance?
Yes, a VA appraisal can be used for a refinance as long as it is still within the six-month validity period.
4. Can the seller use the VA appraisal for another potential buyer?
No, the seller cannot use the VA appraisal for another potential buyer. The appraisal is tied to the specific buyer and loan application.
5. Is the VA appraisal transferable between lenders?
Yes, the VA appraisal is transferable between lenders as long as it is still valid.
6. Can the buyer request a second appraisal if they disagree with the first one?
Yes, the buyer has the option to request a second appraisal if they disagree with the first one, but they may be responsible for the cost.
7. Can a VA appraisal be used for a VA cash-out refinance?
Yes, a VA appraisal can be used for a VA cash-out refinance as long as it is still within the six-month validity period.
8. Can a VA appraisal be used for a construction loan?
Yes, a VA appraisal can be used for a construction loan as long as it meets the requirements for the specific loan program.
9. Can the appraisal value change if the market conditions shift?
Yes, the appraisal value can change if market conditions shift, which may affect the loan amount and terms.
10. Can the buyer request a copy of the VA appraisal?
Yes, the buyer can request a copy of the VA appraisal from their lender for their records.
11. Can the seller influence the outcome of the VA appraisal?
No, the seller cannot influence the outcome of the VA appraisal as it is an independent evaluation of the property.
12. Can a VA appraisal be used for an investment property?
No, a VA appraisal is specifically for primary residences and cannot be used for investment properties.