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How long does a VA appraisal normally take to get back and how tough are they?
All we are waiting on to close our new home is the VA appraisal but I am worried about two things? First we are trying to get 100% financing which means the house has to appraise for the entire loan amount not just the amount the seller is receiving. Is that possible with a VA appraisal(I've heard they are pretty strict)? Also how long is the turn around on a VA appraisal once its been ordered(I'm in houston, TX)?6 years ago - 2 answers
VA appraisers in my area are required to get the appraisal back to us in one week or less. I think this is for all jurisdictions.
The appraised value has to be for the sale price only, not the total loan amount, & the poster who said they always appraise for the sale price is wrong. If the area & the comps don't support the sale price, then it will not appraise for the sale price. And you don't want it to.
I went through the exact same thing last year with 100% financing.
The appraisal takes about 2-3 weeks (Keep in touch with your mortgage company...I only found out after calling them).
They will ALWAYS appraise the house for at least the sale price. The appraisal is merely a formality. They really just want to make sure that the property is real and not a scam.
The turnaround is very quick. I could've closed within 2 weeks of applying for the loan. It's even easier than private financing, which I've done before. You'll also save on APR since the loan company is limited as to what they can charge. I even financed the origination fee.
@Lisa - I worked with a banker that had closed on hundreds of VA loans and not once had a house been appraised for less than the sale price.
With current depressed housing market, it's pretty much a sure thing that the house will be worth at least the asking price!
Prices for comparison homes will also likely be higher since they usually go back about a year. Chances are that housing prices have gone down quite a bit in the last year, regardless of where you live.