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After the form is completed, an appraisal can be requested by telephoning the Loan Guaranty Division for an appraiser. Or you can mail the form to Loan Guaranty Division at the nearest VA office.
Appraisals and loan process was a time consuming task to complete in the past. After the appraisal was done, it must be sent to VA for a review. If the VA approves, it will issue CRV (Certificate of Reasonable Value) to the lender to close the loan. Today, you can request for LAPP (Lender Appraisal Processing Program) to speed up the process.
The VA appraisal is not intended to be an inspection of the home. It does not guarantee that the home is free of defects. Veteran is recommended to seek professional advice before legally purchasing a home. In addition, if the home is built, VA can not force the builder to fix the construction defects. VA only has the right to suspend a constructor from further participation in the loan program.
Requirement For VA Loan Approval:
- Must an eligible veteran
- Must occupy the property as a home for a certain period of time after closing the loan.
- Must have a good credit history.
- Must have sufficient and stable income to cover the cost of the monthly mortgage. Veteran and spouse must have enough left over for family support.
For further information about VA Home loan, you can call VA department at 1800-827-1000.
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