Phoenix Arizona VA Appraisals
My Phoenix area VA clients often ask if the fact that they are getting a VA home loan is going present an unwelcome challenge in regard to the length of time it takes to have a Arizona VA appraisal completed. It is a great question. As Arizona VA Mortgage Lender I can tell you that the truth is that VA mortgage appraisals typically take just a bit longer than Conventional or FHA appraisals in the Phoenix metro real estate market. However, the longer VA turn time is not something that should frighten an Arizona buyer or a seller. Here is why.
VA mortgage guidelines state that a VA appraisal must be done as quickly as a conventional appraisal in any given marketplace. So, what does that mean to an Arizona VA Buyer? VA appraisals in the Arizona Real Estate Market are to be completed in 7 business days (changed as of July 1, 2012).
Is 7 Days Enough Time for Arizona VA Appraisals
Truth be told, that is a bit longer than the time-frame that a Conventional appraisal is completed (by about 2-3 days). All in all, it is relatively close. Just don’t plan for or expect a VA appraisal to be completed on a rush if you are purchasing or selling a home in the Phoenix Arizona market. 9 times out of 9.5 an Arizona VA appraiser will use each of the days they are allowed . Lesson here is to make sure to set up a realistic close of escrow period relative to the VA appraisal turn time in your marketplace.
With Phoenix VA mortgage rates and Arizona home prices at all time lows, now is a great time to use your VA mortgage benefits to buy a home in the Phoenix area. As your Phoenix Arizona VA Mortgage lender I will make sure you obtain the most competitive interest rate on your VA home loan.
By Jeremy House
[…] the homes sales price within 48 hours of the date the appraisal is due to the lender. Click HERE to learn more about when a VA appraisal is due to a […]