In addition to estimating its market value, a VA-approved appraiser thoroughly reviews the home to ensure that it meets the minimum property requirements set by the U.S. UU. A VA appraisal is also required to obtain a refinance with VA cash withdrawal, but it may not be necessary for a simplified VA refinance. All VA loans, except for the VA's IRRRL (simplified) refinancing, require an appraisal.
The IRRRL does not require an appraisal because only VA-funded homes (which have already passed an appraisal) qualify for simplified refinancing. Refinancing with a VA cash out will require an appraisal of a new home, even if you are refinancing an existing VA loan. A VA appraisal is an assessment of the value and condition of the property conducted by an independent VA appraiser. VA appraisals are required for every VA purchase loan.
But don't confuse the appraisal with a home inspection, which provides a more in-depth review of the physical condition of the home. VA appraisals are required to obtain a refinance with VA cash withdrawal. However, you won't need an appraisal for a VA Streamline (IRRRL) refinance. Lenders must notify the assigned VA appraiser and the competent VA office when an order is canceled.
The notification must be made via email; notes from WebLGY are not sufficient to notify VA that a task has been canceled. As part of the VA loan requirements for housing assistance, the VA requires that VA borrowers have a VA appraisal. The reason for this requirement is to ensure that the home is reasonably priced and is in a reasonable condition to protect both the buyer's investment and the VA's risk of securing the loan. Nothing indicates that the buyer, seller, and even the VA real estate agent cannot be present at the time of the appraisal.
However, the seller may want to be present or not allow the buyer to access the property. Generally, appraisers won't talk to you about your findings even if you're present, so being there may not help you find out anything sooner. Regardless of whether or not you are present during the evaluation, you will continue to receive a full copy of the evaluation report when you are ready. VA appraisals can help a homebuyer who is eligible to receive VA benefits buy a home with no down payment or private mortgage insurance and without flexible credit requirements.
To achieve that goal, the VA appraiser will conduct a verification based on the VA's minimum property requirements and address all questions contained in the appraisal report. If any of the VA's minimum property requirements as indicated in the appraisal are not met, the VA will likely deny your loan. If you're considering using a VA loan to finance the purchase or refinance of a home, you'll first need to go through the VA appraisal process. However, if there are any problems indicated in the VA valuation, such as the value of a home that is much lower than the selling price or if the VA requires repairs before approving the mortgage, you might want to share the report.
The VA requires that each appraisal report be reviewed by a VA staff appraiser or by a lender's staff valuation reviewer (SAR).
