How Long Does a VA Appraisal Take?
Navigate your VA home loan with confidence. Understand the typical duration of a VA appraisal and the many factors that shape its completion time.
A VA appraisal is a comprehensive assessment required by the Department of Veterans Affairs (VA) for home loan transactions. This evaluation determines a property’s market value and ensures it meets the VA’s Minimum Property Requirements (MPRs). It confirms the home’s value aligns with the mortgage amount and verifies the property is safe, structurally sound, and sanitary for the veteran. This process safeguards the interests of both the lending institution and the veteran homebuyer.
Typical VA Appraisal Timeframes
The typical turnaround time for a VA appraisal, from the moment the lender orders it to the delivery of the final report, generally ranges from one to two weeks, often averaging around 10 business days. This timeframe encompasses the appraiser’s assignment, the physical inspection of the property, the generation of the detailed report, and its subsequent review by the VA or a designated Staff Appraisal Reviewer. While these are common averages, the actual duration can fluctuate significantly depending on various market dynamics and regional conditions. This appraisal timeframe represents only one segment of the entire home loan processing period, which typically involves additional steps like underwriting and loan closing.
Key Stages of the VA Appraisal
The VA appraisal process begins with the lender initiating a request through the VA’s electronic system once a sales contract is in place. Following this request, the VA assigns an independent, approved appraiser from its panel. This assignment ensures impartiality, as neither the lender nor the borrower has influence over appraiser selection.
Once assigned, the appraiser is expected to make initial contact with the listing agent or homeowner, typically within two business days, to schedule the property inspection. The physical property inspection involves the appraiser visiting the home to assess its overall condition, features, and compliance with the VA’s Minimum Property Requirements.
After the on-site inspection, the appraiser compiles all gathered data and analysis into a comprehensive appraisal report. This detailed report, which includes the estimated value of the property, is then uploaded to the VA’s secure web portal. The completed report undergoes review by VA staff or a lender’s Staff Appraisal Reviewer (SAR), especially if the lender possesses Lender Appraisal Processing Program (LAPP) authority. The SAR ultimately issues the official Notice of Value (NOV), formalizing the home’s appraised value for VA purposes.
Influences on Appraisal Duration
Several factors can influence the duration of a VA appraisal, causing it to be shorter or longer than the average timeframe. The availability and workload of VA-approved appraisers in a specific local market can significantly impact how quickly an appraisal is assigned and completed. Areas with high demand for appraisals or a limited number of qualified appraisers may experience extended wait times. Difficulties in coordinating property access with the seller or listing agent can also introduce delays.
The inherent complexity of the property itself can affect the appraisal timeline. Unique property types, homes in rural areas, or properties requiring extensive research due to a lack of comparable sales may necessitate more time for the appraiser to complete their analysis. The workload at the VA Regional Loan Centers, where appraisal reports may undergo review, can also contribute to variations in overall processing times.
Specific VA processes, such as the Tidewater Initiative, can add time to the appraisal. This initiative is triggered when an appraiser anticipates that the property’s value may come in below the purchase price, allowing a two-business-day window for the lender to provide additional comparable sales data to support the agreed-upon price. If the appraised value is still deemed too low after the initial report, a formal appeal known as a Reconsideration of Value (ROV) can be requested, which may add several weeks. The efficiency of the lending institution also plays a role, as prompt ordering of the appraisal and timely processing of the final report can help expedite the overall process.