The VA appraisal includes what they call Minimum Property Requirements. It sounds scary, but the requirements ensure the home is safe, sound, and stable – something we all want. Consider it the VA looking out for your best interests.
An independent VA appraiser will determine the home’s condition and value, reporting to the lender with an official appraisal report. The appraisal is what lenders use to determine your eligibility for the loan.
The VA MPRs aren’t a guarantee that the home is free of defects. I encourage you to pay for a professional inspection too if you’re worried about the home’s condition. The appraiser’s concern is the home’s value and the overall condition of the home, ensuring it meets the Minimum Property Requirements. Anything beyond the scope of the appraisal is the responsibility of the inspector.
If you find a home with property issues, talk with the seller. Many sellers will fix the issues and/or provide a credit for you to make the repairs. An MPR violation isn’t a deal-breaker; it’s just an invitation to find solutions to the problem. Work with the seller or your realtor if problems come out of the appraisal to determine a workable solution.Purchase Qualifier Refinance Rate Checker