The U.S. Department of Veterans Affairs (VA) loan guaranty program plays a crucial role in making housing affordable for veterans and their families. VA panel appraisers are an important part of this program. They are the licensed or certified appraisers who provide opinions of value for homes on which the VA guarantees the mortgages. Here’s an overview of VA appraisal requirements and how to become a VA appraiser.
Are you a current or prospective VA panel appraiser? Enroll in our 7-hour CE course, VA Appraisal Requirements and Guidelines.
VA appraisal requirements
If you’re interested in becoming a Veterans Affairs appraiser, you’ll need to learn about VA appraisal requirements and what these assignments entail. You may have questions like, “What obligations do appraisers have when performing a VA appraisal?” and “How is it different from performing a traditional appraisal?”
The U.S. Department of Veterans Affairs has a specific set of minimum property requirements (MPRs) for the homes they back. As a VA appraiser, in addition to developing and reporting an opinion of value, you’ll also need to make sure the home meets the VA’s MPRs. These requirements revolve around safety, sanitation, and structural integrity. You’ll need to verify that the home has a working heating system, a safe electrical system, and safe water quality, to name a few examples.
How to become a VA appraiser
To complete a Veterans Affairs appraisal, you must be on the VA appraisal panel. State-licensed or state-certified real estate appraisers who meet the VA’s qualification requirements (below) may apply to be on the panel. However, you will only be able to apply when there is a need for VA appraisers in your local area.
There is no fee to apply or maintain membership on the VA panel.
VA appraiser qualification requirements1
- Five years of experience appraising residential properties
- Two or more letters of recommendation from fee appraisers
- No conflict of interest…