The Department of Veterans Affairs has made adjustments to the way VA Loan appraisals can be conducted in these uncertain times. In an attempt to both take care of the appraiser and limit the amount of face to face interaction, appraisers are now allowed a “broader use of exterior appraisals.” An exterior appraisal is one in which the appraiser measures and takes pictures of the outside of the home.” In this instance they will use the photos the Realtor provided on the local Multiple Listing Service (MLS).
These new rules and adjustments are only allowed in certain scenarios:
The appraiser will continue to gain access to view the interior property in the instances outlined below:
- Purchase Transaction: (vacant property). When the appraiser’s assigned geographic jurisdiction does not have restrictions imposed by authorities prohibiting individuals leaving their domicile, such as mandatory quarantine or shelter-in-place.
- Purchase or Refinance Transaction: (property occupied). When the appraiser’s assigned geographic jurisdiction DOES NOT have restrictions imposed by authorities prohibiting individuals leaving their domicile, such as mandatory quarantine or shelter-in-place. In addition, all parties must agree to the interior inspection.
- Other Options: If either party does not wish to move forward with the interior inspection or do not meet the criteria listed above, the appraiser may move forward with an Exterior-Only appraisal with enhanced assignment conditions.
These policies will go into effect immediately, affecting all loans closing on or after March 27th. Benchmark is dedicated to providing a first-class mortgage experience for our veterans. We will continue to stay on the front lines to best serve our clients to ensure they receive the American dream of homeownership.
You can read the entire VA circular here: https://www.benefits.va.gov/HOMELOANS/documents/circulars/26_20_11.pdf?fbclid=IwAR09eepo4VdsTiT30QDmvnjle6gbeHuTq-Qhz7uZcH2dKlD6GuOqIVTeVKw