VA Appraisal Process: Turnaround Times

The VA Appraisal Process is unique to Veterans applying for a VA home mortgage loan.   It is a cornerstone in the home-buying journey, ensuring the property meets the Department of Veterans Affairs standards.

However, a common misconception surrounding this process is the time it takes to complete. In this article, we’ll delve into the specifics of the VA appraisal process, particularly focusing on the turnaround times, and debunk the myth of its prolonged duration.

What is a VA Appraisal?

Before we discuss turnaround times, it’s essential to understand what a VA appraisal entails. Unlike a traditional home appraisal, the VA appraisal serves two primary purposes: to assess the home’s fair market value and to ensure the property meets the VA’s Minimum Property Requirements (MPRs). These MPRs ensure the property is safe, structurally sound, and sanitary.

The Timeline of the VA Appraisal Process

The VA has set clear guidelines for the appraisal process to ensure efficiency and timeliness. Understanding these timelines can help set the right expectations and alleviate any concerns about the process’s duration.

Initial Contact

One of the first steps in the VA appraisal process is the assignment of an appraiser to a property. Once assigned, the VA mandates that the appraiser must make initial contact within two days to schedule the appraisal.

This prompt initiation ensures that there is no unnecessary delay at the very beginning of the process.

Completion and Submission of the Report

After the initial contact, the appraiser is given a timeframe of 10 business days to conduct the appraisal and submit the report to the lender. This period allows the appraiser to thoroughly inspect the property, assess its value, and ensure it meets the VA’s MPRs.

It’s important to note that there may be instances where external factors beyond the appraiser’s control could cause delays. In such cases, the VA requires appraisers to document these circumstances in the system to keep all parties informed.

Despite potential delays, the appraiser must upload the appraisal report within three days of inspecting the property.

Why Adherence to Timelines is Crucial

The VA has set these specific timelines to streamline the appraisal process and make it as efficient as possible. Appraisers who work on VA appraisals are well-aware of these guidelines and adhere to them strictly.

Their compliance ensures that they can continue to work on VA appraisals and contribute to a smooth home buying process for veterans.

Furthermore, the strict adherence to these timelines benefits all parties involved, from lenders to homebuyers, by providing a clear framework and reducing uncertainties related to the appraisal process.

Additional Support for Veterans

In addition to ensuring a streamlined appraisal process, it’s worth mentioning the support systems in place for our veterans. For instance, some financial institutions offer a “Hero’s Credit” for veteran clients, acknowledging their service and providing additional financial benefits as a token of gratitude.

These initiatives underscore the commitment to not only facilitate a smooth appraisal process but also to honor and support our veterans throughout their home buying journey.

Final Thoughts

The VA appraisal process, with its specific timelines and requirements, is designed to be efficient and transparent. While it might seem daunting at first glance, understanding the process and the timelines involved can help demystify it and set realistic expectations.

If you’re a veteran navigating through this process and have any questions or concerns, it’s essential to reach out to professionals who are well-versed in VA loans and appraisals. Their expertise can provide the guidance and support needed to navigate this crucial step in your home buying journey.

As we continue to honor and support our veterans, it’s important to remember that the VA appraisal process is not just a procedural step, but a safeguard to ensure that the homes our veterans are investing in are safe, sound, and worth their value.

So, if you’re embarking on this journey, rest assured that the process is designed with your best interests at heart.

Contact us today and see the difference it makes working with a VA mortgage expert dedicated to serving you.