VA Appraisals: Requirements, Fees and What to Expect
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When you apply for any type of mortgage to buy a home, the lender will usually require an appraisal to estimate the home's value. The same goes for a VA loan, except the lender will hire a VA-approved appraiser. Here's what a VA appraisal entails and how much it will cost.
What is a VA loan appraisal?
A VA appraisal is required when using a VA loan to buy a home. Besides estimating its market value, a VA-approved appraiser thoroughly checks the home to make sure it meets minimum property requirements set by the U.S. Department of Veterans Affairs.
A VA appraisal is also required to get a VA cash-out refinance but may not be required for a VA streamline refinance.
» MORE: How to refinance a VA loan
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