home appraisal checklist form for va loan

Home appraisal checklist form for va loan mac#

To get the best appraisal possible, you should prepare accordingly. The appraiser checks that various aspects of the house are in good condition, and there may be additional criteria and things to look out for based on mortgage type, or how you're financing your home purchase: FHA loan appraisers and VA loan appraisers may scrutinize additional aspects of the home. That said, appraisers are human and their experience in your home can influence their findings. Their job is to get the most accurate valuation of a home as possible. That has direct impact on the final amount you can sell your home for and how much a buyer is able to pay.Īn appraiser is independent by law. The appraisal gives a third-party assessment of a home’s fair market value, which has implications on how much a mortgage lender will let a buyer borrow to make an offer. From there, the lender you select can guide you throughout the process: from COE to appraisals to closing.When you’re selling your home, the appraisal is a crucial step in the process.

To find a lender, use our VA Loan Finder, which matches you with up to five rates, with no obligation or credit check required. Lenders serve as a great resource throughout the home-buying process. The safeguards in place are there to protect the borrower, not simply to terminate a sales contract. In fact, the intensity of a VA appraisal combined with a property inspection has kept potential VA borrowers from owning defective properties.

Home appraisal checklist form for va loan mac#

The VA appraisal is more extensive than other appraisals such as those performed for conventional loans underwritten to Fannie Mae or Freddie Mac guidelines. And as with other government-backed loans, if the home was built prior to 1978, the property must be inspected for lead-based paint and if found, the offending paint must be removed or covered with drywall or other permanent repair. The VA appraiser will also note if there are any hazardous materials on the site and the structure shows no signs of defective craftsmanship, deferred maintenance such as a foundation that appears cracking or a damp basement. The roof is also inspected to VA's requirements and unlike other appraisal types, if the appraiser finds that there are more than three layers of shingles on the roof, the shingles will have to be replaced in their entirety. The property's electrical and plumbing systems must demonstrate to be in good working order as well as the home having a working heating system along with hot water. The appraiser must also make note that the property must have adequate living quarters with a working kitchen, bathroom and bedrooms. The first requirement is simply that the property must be residential and not commercial and be occupied by the borrower.

The VA has a list of minimum property requirements, or MPRs, that must be addressed by the appraiser and appear on the appraisal report. VA appraisals do however require additional information that appraisals for other loan types do not require. The property inspection evaluates the property's physical condition while the property appraisal helps establish the current market value. If there is a variance of more than 10 percent in the sales price of area homes after all adjustments are made, the final sales price can be lowered. A VA lender wants to have a marketable property as well as make sure the home sold for a reasonable price.

Regardless of what the sales contract says, the VA lender will always use the lower of the sales price or appraised value when establishing a maximum loan amount.Īn appraiser will physically visit the property as well as research information for similar homes in the area and compare their sales prices with the sales price of the unit.

The appraisal's duty is to determine the subject property's current market value. When a contract is agreed upon between a seller and a buyer, the sales contract is forwarded to the lender who then orders a property appraisal. VA AppraisalsĪn appraisal is required in order for the VA lender to make a loan approval. The inspector will literally crawl from basement to attic looking for potential problems and if something needs attention, the inspection report will identify it.