If you’re looking to secure a VA loan, you’ll need an appraisal in order to move forward. Any time a buyer funds a home they wish to buy with a VA mortgage, a VA-assigned appraiser must look at the home to establish fair market value.
The appraiser will come, fill out a report and submit it to the Department of Veterans Affairs. This information is what allows them to issue a Notice of Value, which is basically what the VA considers to be the fair market value of the property and the amount of loan that the VA would guarantee (if the borrower is qualified).
The appraisal is not free and is one of the costs you must plan for in buying the home. The exact cost of the appraisal will depend on several things such as the housing market, property address, interest rates, and other factors. Every market will have its own fee for the work involved in the appraisal.
If you’re looking to buy a home and are considering a VA loan but have questions regarding your qualifications or the fees involved, come to our office in Joplin, MO. We can find the solution that is right for you.