What is the Omaha VA Loan Appraisal Process?
What is the VA Appraisal Process in Omaha, Nebraska?
Property Appraiser and VA Appraisal Process
What is the VA home loan appraisal process?
This is a very common question from military members and military spouses looking to close for their VA Home Loan. In today's Go VA Home Loan Omaha blog post we will go over what the appraisal process it is, the purposes it holds, and why you need to know what it is.
The VA Home Loan Appraisal Process is Mandatory
In general, the housing industry leaves you a multitude of options through out your home buying experience. You have a lot of different loan types to choose from, a ton of information to know about them, a multitude of Omaha mortgage lenders to choose from, and many other options. On the contrary, you don't have many options when it comes to the VA appraisal process. It is necessary if you want to be approved for your VA mortgage. Every home purchased with a VA loan must be evaluated by a VA certified home appraiser. Your VA lender requests and schedules the appraisal, and informs you once the appraisal has been completed.
What is the purpose of the VA Appraisal?
So, basically it has two main purposes.
1. VA Appraisals Determine the Value of a Home providing a Fair Market Value
The Omaha mortgage lender that you choose needs to know the market value for the property that you are wanting to purchase via VA home loan. This appraisal process is also good for you because it ensures that you aren't over paying for the property you want to own. This is also a way to help lenders to ensure that they are avoiding putting their clients in an upside down mortgage payment from the start. The chosen Omaha appraiser will use market analytics and information that is up to date as well as recent sales to make a final determination of the value of the home in question.
2. The Omaha Appraisal process will ensure that the property meets The Department of Foreign Affairs Minimum Property Requirements also known as MPRs
The Department of Foreign Affairs has a unique list of MPRs that all VA Home Loan housing must follow. This is a wide list of guidelines that is insurance for the military personnel to make sure that the home is safe and ready for you to move in.
How long does the VA appraisal take in Omaha?
Usually the VA appraisal process is started, carried out, and finished with in a ten day time period. This is an avg. of VA home loan appraisals. This time period goes by the name of a VA home appraisal turn time or turn times. Appraisal turn times vary based on the location.
The Department of Foreign Affairs has time line requirements for different locations and specifically different states. That being said these are guidelines that aren't always followed verses actual requirements. Sometimes, if a Omaha home needs repairs after the first inspection, the VA home loan appraiser will need to return to re-appraise your Nebraska home after repairs. Long story short, be ready for it to take more time than the expected ten days.
What does the VA Home Appraisal say about my Omaha home?
The VA appraisal is NOT an absolute guarantee that your home is flawless or perfected
The OmahaVA property appraiser will ensure the home is:
- Safe for inhabitant
- Solid on a structural basis
- Clean and sanitary for your and your dependents' living
"My Omaha, Nebraska appraisal didn't come back perfect. What now?
So your VA home loan appraisal didn't come back perfect? Unfortunately, not all Nebraska homes are going to pass the appraisal process that the VA Home Loan requires.
This can definitely complicate your home buying experience extremely quickly.
MPR criteria was not met by your Omaha property appraiser for your VA Home Loan
This just means that the appraiser says there are repairs that must be made to the house before the VA Home Loan can close. You, the seller, or even the mortgage broker can have the repairs fixed and then the appraisal process can have a second go so can finally get approved for your VA Home Loan. Find an appraiser here at this military government website