What are the VA loan appraisal requirements?

VA-guaranteed loans require an appraisal that checks the property against the VA's Minimum Property Requirements for safety, structural soundness, and sanitation. If the estimated market value appears below the sales price, the appraiser follows the Tidewater Procedure and allows 2 business days for the parties to submit additional sales data. A veteran may request a reconsideration of value, and VA staff review it within 5 business days of the Notice of Value.

A VA appraisal requires the home to meet Minimum Property Requirements: the property must typically be a single-family dwelling but may include up to 4 units, at least 75% of the space must be residential, and it must have at least one bathroom and adequate year-round access from a public or private street. The VA randomly assigns the appraiser. If the value may come in below the sales price, the appraiser allows 2 business days to submit additional sales data (the Tidewater procedure), and a Reconsideration of Value is reviewed within 5 business days.