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Saint Paul Regional Office
Regional Loan Center
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Obtaining a Loan
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The Appraisal Process
Once you have found a home, a VA appraiser will be assigned to the case by your lender of choice. The appraiser will establish the value of the property and determine whether or not the property meets VA’s minimum property requirements.
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- Minimum Property Requirements(MPR’s): The VA minimum property requirements are very basic items that can affect the value of a property. They are minimal requirements and are not a substitute for private inspections. Their main concern is the safety, sanitation, and structural soundness of the property.
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| What an appraisal is… |
- An appraisal is how the value of a property is determined. The appraisal is used to determine the maximum loan amount of the guaranteed mortgage. As part of the appraisal process, the appraiser looks for conditions that can affect the habitability and value of the property.
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| What an appraisal is not… |
- An appraisal is not an inspection of the property. VA guarantees mortgages, not the condition of the property. The appraiser is not an expert in heating or cooling systems, plumbing systems, electrical systems, or roofing systems. If you are concerned about the physical condition of the property and systems, we recommend that you hire a private inspector to inspect the property.
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| Reviewed/Updated Date: October 7, 2008 |
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