![]() Comparable sales of homes in your area will help set the valuation of the home you’re buying. Assess your home value: You can’t borrow more than the property’s value, so the VA loan appraisal will find the home’s current market value.Department of Veterans Affairs, which insures VA loans, requires a specific home appraisal process. With a conventional appraisal, the appraiser tells lenders the fair market value of the property, and this valuation helps determine your loan size. Most new mortgages and refinance loans require an appraisal of some kind. Check today's VA mortgage rates (Sep 20th, 2023) Why does the VA require an appraisal?Īppraisals aren’t unique to VA loans. That way, if the inspector finds problems, they can decide whether to proceed with the loan, negotiate for a lower purchase price, or choose another home to buy.Įven if the home inspector’s report doesn’t uncover serious problems, it’s helpful to know about minor defects as you enter homeownership. Some homebuyers get their own home inspection before moving forward with the VA’s appraisal process. An inspector will check out all of the home’s appliances and mechanical systems and can uncover both minor and major defects. ![]()
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