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VA home-buyers often feel at a disadvantage due to VA’s appraisal process. Specifically, the length of time it takes to complete an Arizona VA appraisal concerns them. While VA mortgage appraisals often take longer than their Conventional or FHA counterparts, the difference is minimal.
VA Appraisal Turn Time Now Faster
VA appraisal turn time should not concern Arizona buyers or a sellers. Recent VA mortgage changes state VA appraisals must be done as quickly as a Conventional appraisal in any given marketplace.
Long ago, VA recognized the sluggish appraisal process undermined veterans in the housing market. As a result, VA adjusted it’s appraisal policy to equalize Veteran buyers with Conventional and FHA buyers.
So, what does this mean for Arizona VA Buyers? Arizona VA appraisers have 7 business days to complete a VA appraisal. This change put VA appraisers on pace with local Conventional appraisers as of July 1, 2012.
7 Days for Arizona VA Appraisal Completion
In reality, Conventional appraisers typically complete their reports in under 7 days. However, the gap is maybe 1-2 days at most. In addition, VA does not facilitate rush orders. This is a disadvantage as Conventional and FHA appraisers do accommodate rush orders.
is completed (by about 2-3 days). All in all, it is relatively close. However, plan for a VA appraisal to take the full 7 business days. In fact, 9 times out of 9.5 Arizona VA appraisers use each and every one of them!
By Jeremy House