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Manchester VA Regional Loan Center
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Valuation Section
The VA Valuation Section, commonly referred to as the "Appraisal" Section, is responsible for ensuring that any property that is security for a VA guaranteed home loan is appraised at fair market value and that the property complies with VA Minimum Property Requirements.
What is Specially Adapted Housing?
The Specially Adapted Housing program is for eligible disabled veterans who may be entitled to a grant of assistance from VA for special
housing adaptations for their needs. Click here for more information www.homeloans.va.gov/sah.
NOTE: Important legislation recently passed concerning the Specially Adaptive Housing Program. For details see Circular 26-08-12 which can be accessed by clicking here www.homeloans.va.gov.
Who is responsible for ordering the appraisal?
Once the veteran has applied to a lender for the VA home loan, the lender orders a VA case number and the name/address of the assigned
VA fee-basis appraiser. The VA website assigns a fee-basis appraiser to view the property being purchased by the veteran. The lender then
contacts the assigned appraiser and provides information necessary to complete the assignment.
What happens next?
The appraiser schedules an appointment to view the property. Once the appraiser views the property, he or she then compares the property to similar
properties that have been sold recently and completes the appraisal report. The completed report is then sent directly to either the LAPP lender or VA.
What is LAPP?
LAPP is the Lender Appraisal Processing Program. The majority of VA loans are processed by lenders that have this authority which allows the lender to review
the appraisal. It can save the lender time in processing the veteran's loan.
Does the appraiser inspect for all defects?
Although the appraiser views the property and may require repairs, he or she is not a home inspector that would test the mechanical systems, go on the roof, test the structure, etc. VA recommends
the veteran consider hiring a home inspector if he or she has concerns about the condition of the property. Although VA may guaranty the loan, the VA appraisal will not guaranty the condition of the property.
What areas do we cover?
Manchester's VA Construction & Valuation Section covers the six New England states and, as of October 2002, New York state.
Who do I contact for additional information or questions?
The VA Loan Guaranty national website at www.homeloans.va.gov provides information on all aspects of the VA Home Loan Program including contact information for all VA offices. If you have a question about
an appraisal issue for a property in New England or New York, please call us at 1-800-827-6311, option 6 or e-mail us at nh_appr@va.gov.
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| Reviewed/Updated Date: August 13, 2008 |
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