IN HOME APPRAISAL CHECKLIST CODE

All units on the property must have access to safe drinking water, sewer, gas, and electricity. VA loan appraisal requirements are set to ensure that the property purchased with a VA loan is safe and move-in ready.

IN HOME APPRAISAL CHECKLIST CODE

If the VA appraiser is aware of repairs that may be necessary to bring the property up to code before the transaction is complete (i.e., removal of unpermitted improvements), the appraisal must be made subject to these repairs. Sometimes, specific local housing/planning authority code requirements kick in once the property is sold. Local Housing and Planning Authority Code Enforcement The appraiser must state whether or not the dwelling may be legally rebuilt if destroyed. grandfathered properties) may comply with VA MPRs as long as the situation does not affect the value and marketability of the property. 'Legal Non-Conforming' properties (a.k.a. The property must comply with all applicable zoning ordinances to meet VA loan appraisal requirements.

In addition, VA appraisers must not include the business unit's value in their property valuation. However, homes with a single accessory commercial dwelling may meet VA minimum property requirements as long as it is used primarily as a residence and the property complies with local zoning requirements. VA loans are designed to purchase a residential property to be used as a primary residence. Properties located in Coastal Barrier Resources System (CBRS) areas near the Atlantic Ocean, the Great Lakes, the Gulf of Mexico, or the Caribbean Sea, which protect inland properties from storm surges, do not meet VA MPRs. If the property is located in an area that floods regularly, either because it is located in a FEMA-designated Special Flood Hazard Area (SFHA), which requires a flood insurance policy, or based on the appraiser's knowledge of the local market, it does not comply with VA loan home requirements. In some cases, the appraisal may be made subject to repair by a licensed contractor (if there are foundation issues, for example.) Geological or Soil Instability, Subsidence, and SinkholesĪlthough some settlement is to be expected, the VA appraiser should report any signs of potential instability if they may affect the value or safety of the property, including cracks in the terrain, sinkholes, foundation damage, or settlement problems. The VA appraiser must report if any improvement, utility easement, or right-of-way encroaches on the property line, and the issue will need to be resolved before the VA loan is approved.įor the property to satisfy the VA loan home requirements, the waste and surface water must flow off the house without ponding, and there should not be any risks of threats such as mudslides from adjoining properties, falling rocks, or avalanches. If applicable, access to the private road must be protected by a recorded permanent easement or right-of-way. The property must be accessible safely year-round by foot or vehicle using a public or private road in all weather (dirt roads do not fulfill the VA loan appraisal requirements). Unique homes are acceptable as long as they comply with local building codes and their construction does not affect their marketability.

The property may be divided by a road or a waterway as long as this situation does not impact its utility and marketability.Īlthough the VA loan appraisal requirements do not set a limit, the property must be big enough for the occupants to use comfortably and include facilities for living, sleeping, cooking, dining, maintaining hygiene, etc. There is no upper limit for acreage, and it may include more than one parcel, although the appraisal must be prepared subject to placing them all on a single deed. To meet VA MPRs, the property must be a residential dwelling (up to four units) that would appeal to most buyers. Here is a complete list of VA loan appraisal requirements. Once the origination appraisal is complete, the borrower will receive a Notice of Value (NOV) valid for six months which will recommend that they proceed with a home inspection if desired. A VA-assigned appraiser checks the property value and its compliance with the long list of VA loan appraisal requirements, which determines the property’s eligibility for a VA loan.

In home appraisal checklist