![]() ![]() Appraisers will look at recent comparable home sales, or “comps,” to help determine the property’s value. A lender is going to finance whichever is less between the appraised value and the purchase price of the home. The first purpose of the VA appraisal is to establish a “fair market value” for the property. The second is to make sure the property meets both VA and lender guidelines. The first is to make sure the home is worth at least what you’ve offered to pay for it. The purpose of the VA appraisal is two-fold. If you’re satisfied with the inspection and still want to move forward with the purchase, then you’ll move on to having the lender order the VA appraisal.Īt that point, your loan team will send a request to the VA, and they’ll assign one of their independent appraisers in your area. In fact, once they’re under contract, many buyers start with a home inspection to get that in-depth look at the property and its potential (or existing) problems. These are two different things and unlike the appraisal, a home inspection isn't required when you're buying a home. But don’t mistake the appraisal for a home inspection, which provides a more in-depth review of the home's physical condition. VA appraisals are required for every VA purchase loan. The VA appraisal is an assessment of the property’s value and condition by an independent VA appraiser. One of the first steps for your lender is ordering a VA appraisal on the property. Once you’re under contract to purchase a home, the real work starts for your lending team. ![]() 10.3 VA Interest Rate Reduction Refinance Loans (IRRRL).10.1 Restoring Your VA Loan Entitlement.10 Reusing Your VA Loan Benefits Open Section.9.5 What to Do if Financial Hardship Occurs.7.3 What NOT to Do Before Closing Day: Tips to Keep Your Loan on Track.6.3 How to Negotiate a Home Purchase Price - Tips for Buyers.5.6 House Hunting & Property Guidelines.5.5 Properties You Can Purchase With a VA Loan.4.1 Where to Start: Lender or Real Estate Agent?.4 Starting The VA Mortgage Process Open Section.2.1 What is Credit, and Why Is It Important?.2 Credit & Your Home Purchase Open Section.1.3 Financial Preparations for Homeownership.1.1 Benefits and Challenges of Homeownership.1 Are You Ready for Homeownership? Open Section. ![]()
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