VA borrowers often have questions about the VA appraisal process. Answers to some of the most frequently asked questions about VA appraisals include the fact that appraisals cannot act as a stand-in for a borrower paying for a home inspection. VA appraisals also do not guarantee the condition of a home or act as a stamp of approval that the property is free from defects.

VA appraisals are meant to establish the fair market value of the home and identify any glaring issues or corrections that need to be made in order to bring the home up to VA minimum property requirements. With all these things in mind, what does the VA require from its appraisers and how does a person make the grade as a qualified VA approved fee appraiser?

According to the Department of Veterans Affairs, a potential VA fee appraiser must have five years experience appraising residential properties, have a state license or similar credentials, and must also provide letters of reference from other appraisers. That requirement acts as a sort of peer review system, giving the VA some feedback from other professional appraisers on the new appraiser’s work.

One of the most important requirements to become a VA fee appraiser is the “no conflict of interest” rule. According to the VA, a VA fee appraiser “Cannot be currently employed by the Federal Government or a quasi-governmental agency (such as Fannie Mae, Freddie Mac, Postal Service, etc.). May be a local or State government employee if no conflict of interest (or appearance of a conflict of interest) with VA assignments will result.”

The rules also add, “There may be no conflict of interest between the applicant’s employment and performance as a fee appraiser with VA.”

As you can see, it’s not easy to become a VA appraiser–the five years of experience required alone means much time must be spent on the job doing the work of an appraiser long before an application to the Department of Veterans Affairs can be made. The requirements are designed to protect both lenders and borrowers alike. For more information on the VA appraisal process, you can see the VA’s official site: http://www.benefits.va.gov/homeloans/cavfaq_appraisers.asp

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