The VA, or Veteran’s Administration, home buying program serves as a mortgage loan process exclusively for veterans or people currently serving in the armed forces. There are no income restrictions for VA and homes do not have to be VA approved, but simply have to meet VA appraisal requirements.
Becoming an appraiser for the VA not only adds more clients to your business, but gives you an opportunity to assist the brave men and women that fight for our country make their home buying dreams come true.
If an appraiser would like to add VA appraisals to his or her workload, one must:
- Have and retain current residential appraiser licensure or certification issued by the state in which VA appraisals will be completed
- Submit the official application and a resume showing a minimum of five years experience in appraising residential properties. (Form 36CFR 4339)
- Submit letters attesting to the applicant’s character and experience as a residential appraiser using references listed on the application. At least two letters must be from fee appraisers. (Form 36CFR 4339)
- Ensure there is no conflict of interest between the applicant’s employment and performance as a fee appraiser with VA. (Form 36CFR 4340)
- Provide proof they are not employees of the Department of housing and Urban Development (HUD), Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), or the Postal Service.
- Provide evidence of payment in full of the debt, or evidence of an acceptable repayment plan and confirmation that the applicant executed a promissory note for the entire debt balance if the applicant owes the Federal Government a delinquent debt.