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As with the original appraisal you paid for when buying the home, the refinance appraisal assesses your property’s condition and compares the place to similar homes in your local real estate ...
A VA-approved appraiser will determine the home’s value. This person will also help you assess whether a property meets the VA’s property condition requirements, or Minimum Property ...
Let’s say your home’s assessed value on your most recent property tax bill was $368,000, while the appraised value for the refinance is $430,000. Your property taxes would be calculated using ...
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and ...
A VA cash-out refinance option allows qualified veterans to borrow up to 100 percent of their home’s value in cash at closing, though some lenders may limit the amount to 90 percent. Either way ...
That appraisal is the VA’s way of making sure the sales price for your soon-to-be home doesn’t exceed its value, often by comparing it to similar, recently sold properties nearby.
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