The Department of Veterans Affairs (VA) has updated the appraisal process regarding Minimum Property Requirements (MPRs), the standards that determine if a property is eligible for a VA-guaranteed home loan.
According to the department, the updates address issues that result in appraisal delays or added costs for homebuying veterans. The updates include removing the full radon gas requirement; revising the standards for properties built prior to 1978 and the standards for properties built in 1978 and later; streamlining guidance on detached improvements and Specially Adapted Housing (SAH) Regional Loan Center jurisdiction; and updating guidance for non-vented heaters.
The VA also adjusted appraisal fees in select regions, adding it was seeking to “to stay competitive and maintain a qualified pool of experienced appraisers.”
“As of May 31, the average VA appraisal takes approximately seven business days,” said the department in a statement. “VA’s goal is to keep that timeline moving in the right direction, to ensure the appraisal process supports veterans instead of slowing them down. These updates make VA home loans more competitive, more accessible and more responsive to the realities of today’s housing market.”
0 Comments