VA Fee Schedule

[Digger88]

It may have changed, but in the past there was no appraiser-veteran preference to get on their panel. I know, I tried. I tried through my congressman to get some pressure put on the VA to change their policies. So I just gave up. Maybe it has changed.

What's cool about the VA and Federal Government a 100% disabled vet can work full time for the fed government. Their reasoning is pretty darn good. In a nutshell they have data that demonstrates a lower veteran suicide rate if they are gainfully employed.

how long ago did you apply? it took me 8 years to get on the panel and was only accepted due a very active market in the late 2000s. you might have better luck if the next administration turns things around and we get busy again

 

[TerryRohrer]

The math is a real positive indicator for defaults with VA backed loans. If you read the quarterly data, less than .02% of all VA purchase loans went into default.
The average Conv., FHA or SONYMA (NYS) has a default rate over 2.15%. So, the VA panel appraisers seem to be valuating more effectively than non VA appraiser mortgage loans.
The numbers don't lie,

How are appraisers screening VA borrowers to ensure timely mortgage payments?

 

[CGinMN]

VA default rate has little to do with the quality of the appraisals. Turns out veterans are disciplined, have stable employment, and an extra social safety net, all of which help. Plus the VA does lots of default mitigation that other lenders don’t. Sorry bud, it wasn’t your 1004.

 

[Ariba]

The math is a real positive indicator for defaults with VA backed loans. If you read the quarterly data, less than .02% of all VA purchase loans went into default.
The average Conv., FHA or SONYMA (NYS) has a default rate over 2.15%. So, the VA panel appraisers seem to be valuating more effectively than non VA appraiser mortgage loans.
The numbers don't lie,

The only difference is that veterans who default on their VA loan face significant barriers to securing another VA-backed mortgage due to eligibility and entitlement limitations. A default reduces the veteran's available entitlement, impacting their capacity to qualify for another VA loan without restoring full entitlement through repayment. This has nothing to do with VA appraisers being better or their value.

 

[Zoe]

The only difference is that veterans who default on their VA loan face significant barriers to securing another VA-backed mortgage due to eligibility and entitlement limitations. A default reduces the veteran's available entitlement, impacting their capacity to qualify for another VA loan without restoring full entitlement through repayment. This has nothing to do with VA appraisers being better or their value.

I'll say you are somewhat right. There are other mitigating factors. Most veterans my nature (not all) are very disciplined in nature. Many make very good money whether they stay in the military or go to work after leaving the military.

VA puts no heavy pressure on their appraisers. Most of their appraisal panel are very experienced appraisers when they accept them. Let's say VA don't operate like many clients in the lending industry.

99 times out of 100, the VA will back their appraiser over the lender or the veteran in an appraisal related issue. But trust me they want their appraiser to put a very credible value on the subject property.

If you remember the meltdown, sometimes the foreclosure started on the front end of a loan before the ink was dry on the loan papers. VA needed no bailout. I understand there are other mitigating factors.

Back to your point, a conventional or whatever other borrower that defaults on a loan also loses much "eligibility and entitlement" due to credit score implications.

 

[Digger88]

I'll say you are somewhat right. There are other mitigating factors. Most veterans my nature (not all) are very disciplined in nature. Many make very good money whether they stay in the military or go to work after leaving the military.

VA puts no heavy pressure on their appraisers. Most of their appraisal panel are very experienced appraisers when they accept them. Let's say VA don't operate like many clients in the lending industry.

99 times out of 100, the VA will back their appraiser over the lender or the veteran in an appraisal related issue. But trust me they want their appraiser to put a very credible value on the subject property.

If you remember the meltdown, sometimes the foreclosure started on the front end of a loan before the ink was dry on the loan papers. VA needed no bailout. I understand there are other mitigating factors.

Back to your point, a conventional or whatever other borrower that defaults on a loan also loses much "eligibility and entitlement" due to credit score implications.

I sold a property to 2 majors who had a hefty housing allowance of approximately 3k a month each (I think its been a while) but that goes away once you get out right?

 

[Zoe]

I sold a property to 2 majors who had a hefty housing allowance of approximately 3k a month each (I think its been a while) but that goes away once you get out right?

Yes great fringe benefits. I am sure their salary was pretty sweet too.

 

[Zoe]

On the other hand, bad credit will keep a veteran from getting benefits on a VA loan. They don't have to default to where they can't get a VA loan. A vet can pay their mortgage on time every month and if they forget all the other bills and ruin their credit, they can't get a VA loan. They will be renting or getting another loan if they ruin their credit.

 

[TerryRohrer]

U

Thread 'Incorrect Acreage on VA Appraisal'

Friday at 11:42 PM

Hi,

Can someone tell me what issues we as the buyers of a Montana property using a VA mortgage are facing? The appraiser called our mortgage company today and told them she had not realized the property was smaller than she initially believed.

Am I the buyer liable for anything?
Can the mortgage pull the mortgage back? Again, all funds are disbursed..we signed and closed.

The sellers and I both signed & closed early this morning. I believe we both had the first two appointments at the title company this morning. Our mortgage broker told us about mid-afternoon today that the loan has...

• uhoh2024
• appraiser
• Replies: 35
• Forum: FHA/HUD and VA

 

[Tim Hicks (Texas)]

U

Thread 'Incorrect Acreage on VA Appraisal'

Friday at 11:42 PM

Hi,

Can someone tell me what issues we as the buyers of a Montana property using a VA mortgage are facing? The appraiser called our mortgage company today and told them she had not realized the property was smaller than she initially believed.

Am I the buyer liable for anything?
Can the mortgage pull the mortgage back? Again, all funds are disbursed..we signed and closed.

The sellers and I both signed & closed early this morning. I believe we both had the first two appointments at the title company this morning. Our mortgage broker told us about mid-afternoon today that the loan has...

• uhoh2024
• appraiser
• Replies: 35
• Forum: FHA/HUD and VA

Sounds like per the sales contract both lots must be sold together. Are they on the same deed? If they need to be appraised separately, why are they on the same contract with one price?