How Long Does a VA Appraisal Take?
Once a veteran has initiated the process to purchase or refinance a home with a VA home loan, one of the first steps the lender will take is to order a VA appraisal. A VA appraisal usually takes 7 to 21 days, depending on the property's location, the appraiser's availability, and the home's complexity. However, in many cases, buyers receive the appraisal report in about 10 business days.
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The timeline begins after the lender orders the appraisal, and veterans can take proactive steps to help streamline this process. Get support with your appraisal today by speaking with a compassionate member of our team.
What To Expect From a VA Appraisal
A VA appraisal is a required evaluation ordered by the lender to determine a property’s fair market value and ensure it meets the Minimum Property Requirements, or MPRs, for a VA home loan.
VA home loans help current and former members of the military buy, repair, and refinance their homes. Under the program, the VA guarantees a portion of a loan issued by a private lender, such as a bank, mortgage company, or credit union. This backing reduces the lender’s risk and encourages them to give you more favorable terms.
The goal of the appraisal process is to verify and confirm that:
- The property value covers the loan amount.
- The home is safe, sanitary, and structurally sound, meeting the VA’s MPRs.
A VA-approved independent appraiser conducts the process.
VA Appraisal Timeline: Step-By-Step
While each appraisal is unique, the timeline of any given case typically follows these stages:
Step 1: Appraisal Ordered
After the purchase agreement is signed, the lender orders the appraisal through the VA portal.
Step 2: VA Assigns an Appraiser
The VA assigns a certified appraiser to evaluate the property.
Step 3: Property Inspection
The appraiser conducts an on-site inspection, which typically takes 30 to 45 minutes.
Step 4: Market Research
The appraiser reviews comparable sales and relevant market data to determine the property’s value.
Step 5: Appraisal Report Submission
The appraiser submits the completed report and Notice of Value, or NOV, to the lender.
The entire appraisal process usually takes about 10 to 20 days from the order date to the final report.
What a VA Appraisal Covers
Once the appraisal report is submitted, the lender reviews the findings before moving forward with the loan process, which may result in the following outcomes:
- Appraisal matches or exceeds the purchase price
- Appraisal comes in below the agreed purchase price
- Repairs are required to meet VA property standards
Because the appraisal is often the biggest bottleneck in the VA loan timeline, completing it promptly helps keep the closing schedule on track.
Tips To Speed up the VA Appraisal Process
You can help streamline the VA appraisal process with the following tips:
- Have the lender initiate the appraisal as soon as the contract is signed.
- Ensure the property is accessible for the appraiser.
- Confirm that all utilities are turned on before the inspection.
- Address any obvious repair issues before the appraisal occurs.
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How the VA Appraisal Fits Into the VA Loan Timeline
The VA appraisal happens after your purchase agreement is signed and before final loan approval and closing. The appraisal and underwriting processes occur simultaneously to confirm that the home’s value and condition meet VA requirements.
Because the lender needs the appraisal and the NOV to proceed, this step is often time-sensitive. Delays in inspections, repairs, or a low appraisal can slow down underwriting and push back closing.
The Typical VA Loan Timeline
- Loan application and preapproval: You apply for a VA loan and get preapproved, which shows sellers you are a qualified buyer.
- Purchase agreement: Once your offer is accepted, you sign a contract to buy the home.
- VA appraisal: During this step, which typically takes 7 to 21 days, the lender orders the appraisal to confirm the home’s value and ensure it meets VA standards.
- Underwriting review: The lender reviews your financials and the appraisal to finalize loan approval.
- Clear-to-close and final closing: After approval, you receive the clear-to-close and complete the signing process.
Many VA loans close within 30 to 45 days, largely depending on how quickly the appraisal is prepared.
Need Help with a VA Loan?
If you need help with a VA home loan, working with a trusted VA lender can make all the difference. An experienced lender can guide you through each step, help avoid delays, and ensure you have the support and information needed to move forward with confidence.
