Who pays appraisal fee for VA loan?

Who pays appraisal fee for VA loan?

When it comes to VA loans, the answer is quite straightforward. **The borrower is responsible for paying the appraisal fee for a VA loan.**

FAQs:

1. Can the appraisal fee be rolled into a VA loan?

No, the appraisal fee cannot be rolled into a VA loan. It is a cost that the borrower must pay upfront.

2. How much is the typical appraisal fee for a VA loan?

The appraisal fee for a VA loan can range from $300 to $500 on average, depending on the location and size of the property.

3. Are there any exceptions where the lender might cover the appraisal fee for a VA loan?

In some cases, the lender may cover the appraisal fee as a part of a promotional offer, but this is not common practice.

4. Is the appraisal fee the only out-of-pocket expense for a VA loan?

No, there are other closing costs associated with a VA loan that the borrower is responsible for, in addition to the appraisal fee.

5. Will the appraisal fee vary depending on the type of property being appraised?

Yes, the appraisal fee may differ based on the type of property being appraised, such as a single-family home versus a multi-unit property.

6. How does the appraisal fee benefit the borrower in a VA loan?

The appraisal fee ensures that the property being purchased is accurately valued, which is essential for determining the loan amount and ensuring a fair deal for the borrower.

7. Can the borrower negotiate the appraisal fee for a VA loan?

While it is not common practice to negotiate the appraisal fee, borrowers can inquire about the breakdown of costs and shop around for competitive rates.

8. Is the appraisal fee refundable if the VA loan application is denied?

Unfortunately, the appraisal fee is non-refundable, even if the VA loan application is denied.

9. Are there any circumstances under which the appraisal fee may be waived for a VA loan?

In certain situations, such as a streamline refinance or if a recent appraisal is available, the appraisal fee may be waived.

10. How soon does the borrower need to pay the appraisal fee for a VA loan?

The borrower typically pays the appraisal fee upfront or at the time the appraisal is conducted to proceed with the loan process.

11. Can the borrower choose the appraiser for a VA loan?

While borrowers cannot select the specific appraiser, they can request a different appraiser if they have valid reasons for concern.

12. Does the VA have any specific requirements for the appraisal fee on a VA loan?

The VA does not have specific guidelines regarding the appraisal fee, but it does require that the appraisal report meets certain standards for accuracy and reliability.

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