If you have questions about the VA appraisal, you are not alone. At Banner Mortgage we often hear from potential home owners who have questions about the VA’s Minimum Property Requirements (MPRs), questions we are always happy to answer. If you plan to secure a VA home loan, we encourage you to take the time to learn a bit more about how the process works.
What is a VA Appraisal?
Buyers, sellers and real estate agents will often express displeasure with this part of the VA loan program. However, it’s important to note that the VA home appraisal process is one of the reasons these mortgages are considered some of the most secure on the market today. The VA appraisal not only provides a market valuation of the property but it ensures that a home meets the MPRs set forth by the VA. These guidelines are designed to ensure that all properties purchased under the VA home loan program are both safe and move-in ready. Look at the VA appraisal as an opportunity to complete due diligence on a property. However, we also like to remind potential home owners that a VA appraisal typically does not assess anything outside of the bounds of the MPRs. This is why it is considered wise to commission a property inspection as well.
Do You Have to get a VA Appraisal?
Unlike an inspection, the VA appraisal is mandatory. If you hope to secure a VA loan, your property must undergo a VA appraisal. In Colorado you can expect to pay between $650 and $750 for the appraisal of a single family home though additional fees may apply. The VA recently made changes to the pricing structure of VA appraisals, contact us today for details. If you choose to move forward with the purchase of the home, you may be able to negotiate with the seller to cover all or some of the cost of the appraisal.
Are You Ready to Secure a VA Loan?
Do not allow the idea of a VA appraisal to deter you from taking advantage of the VA loan program. Going through this step is well worth the benefits of securing a government backed home loan. As part of the program, you will enjoy the freedom of 100% financing, up to a certain loan amount; low closing costs and no PMI.
What are you waiting for? Contact us and begin the process of securing a VA home loan today. Allow us to walk you through every step of the process. From preapproval to appraisal, we are here for you!