Typically, a VA appraisal takes anywhere from one to two weeks to complete. Most areas can expect the appraisal process to take approximately 10 days. The VA does not mandate a strict timeline but offers a timeliness expectation based on the home’s location and size.
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VA Appraisal Fee Schedules and Timeliness Requirements. The allowable fees for the appraisal type and the number of days allowed for completion can be found in the table below under the supporting Regional Loan Center.
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How many days does a VA appraiser have to complete the appraisal? This process is normally completed within a time frame of 10 days, however, the location of the property, as well as other factors, can have an impact on this. As a mandatory part of the VA loan process, the VA appraisal fulfills two purposes.
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A VA appraisal estimates the value of the home you want to buy and ensures the property meets the VA's minimum requirements.
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Process is for Sharing Market Data Only. If no market data is submitted, after 2-business days, the appraiser will note in the appraisal that the Tidewater Procedure was followed and complete the appraisal report. This process is in no way to be considered as instruction to the appraiser to meet any preset value. 9.
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How long is a VA appraisal good for? A VA appraisal is good for six months from the date of the appraisal. If other factors delay your mortgage loan process past the six-month expiration date, you’ll need to pay the appraisal fee again and have another appraisal completed.
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Advertising Disclosure. Getting a VA appraisal is a necessary step when purchasing a home with a VA loan. A VA appraisal establishes the market value of the property and confirms it meets the minimum property requirements (MPRs) set by the VA.
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A VA loan appraisal is an estimate of a property’s market value and is conducted by a VA-approved appraiser, ensuring that the property qualifies for the requested loan amount. A property must also meet a list of standards set by the VA, called Minimum Property Requirements (MPRs).
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The VA establishes the turnaround time for VA appraisals, which could be anywhere from seven to 21 business days, depending on your location. Keep in mind the timeline begins the first business day after your lender assigns the appraisal to a VA-approved appraiser.
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1. Establish an Appraised Value. The first purpose of the VA appraisal is to establish a “fair market value” for the property. A lender is going to finance whichever is less between the appraised value and the purchase price of the home. Appraisers will look at recent comparable home sales, or “comps,” to help determine the property’s ...
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How Long is a VA Appraisal Valid? The VA appraisal is good for six months from the effective date of the appraisal for refinance loans or until the loan closes for purchase loans.
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A VA appraiser may complete the process in a week. They may also finish things up in three weeks. You should prepare for the process to take at least a couple of weeks, with anything under this time period considered to be a welcomed surprise. Times will vary from region to region for different reasons.
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Home Inspection. A VA appraisal is designed to assess the home’s fair market value. Lenders use this number to determine a loan amount. They also use it to ensure the home has enough collateral in it should you default on the mortgage loan. But the VA appraisal has other jobs, too.
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The VA loan process timeline typically takes 30-45 days from contract to closing. While VA streamline refinancing can be faster, often closing in half the time, both VA purchase and refinance timelines are comparable to conventional mortgages.
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February 14, 2024 - 6 min read. Understanding the VA appraisal process. Sometimes, a VA appraisal comes in too low. An independent, professional appraiser visits the home and decides that...
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For appraisal appeals in which the requesting party seeks less than 10% in valuation change, the mortgage lender will review the request, then forward it to the original VA appraiser, along with ...
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Appraisers/Staff Appraisal Reviewer. VA fee appraisers determine the reasonable or market value of a property for VA home loan guaranty purposes. The links below are provided as resources for VA fee appraisers.
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2. Appraisal Form. Lender’s name and “Department of Veterans Affairs” must be provided in the Lender/Client field on the appraisal report form. The VA assigned fee appraiser’s signature must be provided in the signature block with the fee appraiser’s VA ID in the “other” block, just below state certification and license information.
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The lender has two days to provide the appraiser with additional comparable home sales that support the purchase price. Lenders typically turn to the buyer's real estate agent for help in finding good recent comparable sales. The appraiser will take those additional comps and issue the final appraisal report.
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How long does a home appraisal take? The on-site inspection portion of a home appraisal usually takes 1-3 hours. Some appraisal inspections take less than an hour.
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