How long does a VA appraisal stick with the property?
The answer to the question is simple – a VA appraisal sticks with the property for a period of six months. During this time frame, the appraisal is considered valid and can be used by lenders to determine the value of the property for loan approval purposes. After six months, a new appraisal may be required if the property has not been sold.
When a property is appraised for a VA loan, the valuation of the property is based on various factors such as location, size, condition, and comparable sales in the area. The appraisal helps to ensure that the property meets the VA’s minimum property requirements and is worth the amount of the loan being requested by the borrower.
What is a VA appraisal?
A VA appraisal is an official assessment of a property’s value conducted by a licensed and certified appraiser. The appraisal is used to determine the fair market value of the property for loan approval purposes.
Why is a VA appraisal important?
A VA appraisal is important because it helps to protect both the lender and the borrower. The appraisal ensures that the property meets the VA’s minimum property requirements and is worth the amount of the loan being requested.
How long does it take to get a VA appraisal?
The timeline for getting a VA appraisal can vary depending on various factors such as the availability of appraisers in the area and the complexity of the property being appraised. In general, it can take anywhere from a few days to a few weeks to get a VA appraisal completed.
Can a VA appraisal be used for other types of loans?
No, a VA appraisal is specifically for VA loans and cannot be used for other types of loans. Each type of loan has its own appraisal requirements and standards.
Can a VA appraisal be transferred to a new buyer?
No, a VA appraisal is tied to a specific property and borrower. If a new buyer wants to use a VA loan to purchase the property, a new appraisal will be required.
Can a VA appraisal be disputed?
If a borrower believes that a VA appraisal is inaccurate, they can challenge the appraisal by providing additional information or evidence to support their claim. The appraiser may then reevaluate the property and make any necessary adjustments to the appraisal.
What happens if a VA appraisal comes in lower than expected?
If a VA appraisal comes in lower than expected, the lender may require the borrower to make up the difference in cash or renegotiate the terms of the sale with the seller. In some cases, the loan may be denied if the appraisal value is too low.
Can a borrower request a specific appraiser for a VA appraisal?
No, borrowers cannot request a specific appraiser for a VA appraisal. The appraiser is typically assigned by the lender or appraisal management company to ensure impartiality and compliance with VA appraisal standards.
Can a VA appraisal be waived?
In some cases, a VA appraisal may be waived if the property is considered to be low-risk and meets certain criteria set by the VA. However, this is rare and usually only applies to streamline refinances or certain types of VA loans.
What happens if a VA appraisal expires before closing?
If a VA appraisal expires before closing, the lender may require a new appraisal to be completed before finalizing the loan. The borrower may need to cover the cost of the new appraisal if the original appraisal is no longer valid.
Can a borrower challenge the results of a VA appraisal?
If a borrower disagrees with the results of a VA appraisal, they can request a reconsideration of value from the appraiser or provide additional information to support their case. However, the appraiser’s decision is typically final unless new evidence is presented.
Is a VA appraisal transferable to another lender?
Yes, a VA appraisal is transferable to another lender as long as the new lender is willing to accept the appraisal and no significant changes have occurred with the property since the appraisal was completed.