A VA appraisal is a mandatory assessment when using a VA loan to purchase a home. Unlike standard appraisals, it's conducted by a VA-approved appraiser who evaluates both the property's market value and ensures it meets the Department of Veterans Affairs' minimum property requirements.

VA Appraisal Requirements:

• Safe, structurally sound, and sanitary living conditions
• Adequate living space with proper bathrooms
• Safe accessibility via public or private street
• Proper drainage away from house
• Safe electrical system and lighting
• Continuous water supply and safe sewage disposal
• Well-maintained mechanical systems
• Sound roof condition
• Accessible and ventilated crawl space
• Dry basement without structural issues
• Protective exterior paint (special requirements for pre-1978 homes)
• No unsafe conditions or structural threats

Cost and Timeline:

• Fees range from $525 to $1,300 for single-family homes
• Additional charges may apply for mileage and complex properties
• Completion time varies by region (7-20 days)

Important Notes:

• Required for home purchases and cash-out refinances
• May not be needed for VA streamline refinances
• Not a substitute for a home inspection
• Value cannot exceed market value for loan approval

If Appraisal Comes in Low:

1. Lender receives early notification
2. Two-day window to submit additional sales data
3. Appraiser may adjust value based on new information
4. Option to request VA reconsideration of value

Always consider getting a separate home inspection, as VA appraisals don't provide detailed assessment of mechanical systems and appliances.

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