Know what an appraisal does and does not do
The appraiser evaluates the home for the VA loan using applicable valuation and property standards. The report is not a substitute for a licensed inspector reviewing roof condition, electrical systems, drainage, foundation and other major items in more detail.
- Budget for an independent inspection
- Review appraisal findings promptly
- Do not waive contract rights without professional advice
Address repair issues before closing
Observable safety or condition issues may require correction before the lender can complete financing. Not every cosmetic issue affects eligibility. The nature of repairs, contract deadlines and ownership responsibilities should be resolved with the lender and real estate professionals.
- Ask the lender which work must be completed
- Clarify repair access and payment responsibility
- Check whether contract timelines need amendment
Take coastal factors seriously
Roof lifespan, wind mitigation, flood exposure and homeowners insurance availability can affect a property's financeability even if the appraised value supports the contract price. Association documents and special assessments can also matter for a condo.
- Request insurance and flood quotes early
- Confirm property-type and condo approval requirements
- Keep inspection and insurance deadlines aligned
Official information
Terms, loan rules, funding and eligibility can change. These references are for education; always confirm the current written terms with the appropriate agency and lender.
VA — Purchase loan ↗