VA Loan Appraisal Fees: How Much Are They?
Appraisals are required on VA loans for new purchase homes and some types of refinancing. When a house hunter is trying to plan a budget for a new home purchase, knowing the appraisal fees can be a big help.
Many readers write in asking questions about the VA loan appraisal fee, and the majority of reader questions in this area include a query about how much the appraisal will cost.
Unfortunately, there’s no set amount for all locations–VA appraisal fees vary by state and the amount charged in one area may not match the appraisal fee charged in another.
VA appraisal fees can also vary depending on the type of property to be purchased. For example, in Illinois at the time of this writing, the VA appraisal fee for single family homes is approximately $125 less than the appraisal fee for a multi-family building.
The same appraisal on a single-family property in Texas is $25 less than the appraisal fee in Illinois. Much depends on the market and the typical rates charged in that market.
The good news is that borrowers can get a state-specific VA loan appraisal fee amount directly from the Department of Veterans Affairs. A by-state breakdown of VA appraisal fees is at http://www.benefits.va.gov/homeloans/fee_timeliness.asp