In some cases, the appraisal may be made subject to repair by a licensed contractor (if there are foundation issues, for example.) Geological or Soil Instability, Subsidence, and SinkholesĪlthough some settlement is to be expected, the VA appraiser should report any signs of potential instability if they may affect the value or safety of the property, including cracks in the terrain, sinkholes, foundation damage, or settlement problems. The VA appraiser must report if any improvement, utility easement, or right-of-way encroaches on the property line, and the issue will need to be resolved before the VA loan is approved.įor the property to satisfy the VA loan home requirements, the waste and surface water must flow off the house without ponding, and there should not be any risks of threats such as mudslides from adjoining properties, falling rocks, or avalanches. If applicable, access to the private road must be protected by a recorded permanent easement or right-of-way. The property must be accessible safely year-round by foot or vehicle using a public or private road in all weather (dirt roads do not fulfill the VA loan appraisal requirements). Unique homes are acceptable as long as they comply with local building codes and their construction does not affect their marketability. The property may be divided by a road or a waterway as long as this situation does not impact its utility and marketability.Īlthough the VA loan appraisal requirements do not set a limit, the property must be big enough for the occupants to use comfortably and include facilities for living, sleeping, cooking, dining, maintaining hygiene, etc. There is no upper limit for acreage, and it may include more than one parcel, although the appraisal must be prepared subject to placing them all on a single deed. To meet VA MPRs, the property must be a residential dwelling (up to four units) that would appeal to most buyers. Here is a complete list of VA loan appraisal requirements. Once the origination appraisal is complete, the borrower will receive a Notice of Value (NOV) valid for six months which will recommend that they proceed with a home inspection if desired. A VA-assigned appraiser checks the property value and its compliance with the long list of VA loan appraisal requirements, which determines the property’s eligibility for a VA loan.

Fha home appraisal checklist