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VA Home Loan Appraisal Requirements:
The Certificate of Reasonable Value (CRV) is issued to the veteran based on the appraiser’s value of the property. The loan amount does not exceed the CRV and that is why it is important to request for an appraisal.
Usually anyone, that is the buyer, seller, lender or real estate personnel, can request for VA home loan appraisal. This is done by filling out VA form 26-1805 which is a request for determining the reasonable value of a home.
Once the form is duly filled it has to be submitted to the Loan Guaranty Division at the nearest VA office for processing. The other way to ask for an appraisal is by telephoning the Loan Guaranty Division and requesting for assigning an appraiser. The assignment procedure is decided by local VA office and you can call them to get more details on this.
Since this is a VA loan, you obviously have to be a veteran to qualify for the loan and the appraisal. You have to be a veteran from the armed forces and you have to have been discharged honorably from service. Once these two criteria are fulfilled, the entire loan procedure is quite similar to other mortgage loan procedures.
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