When applying for a VA loan, it's important to remember that an appraiser is always required to estimate the true value of the home. Their decision affects the bottom line: the VA will only back a loan to the maximum value of the home. It may come as a surprise, but where you live can affect appraiser fees. The VA has a few regional loan centers that handle multiple states, and their standards set the bar on how much you pay for the appraiser to look at the home.
This week's regional center spotlight: Cleveland
Their stated mission is to help Veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation. All Veterans and other participants in the program will be treated in a courteous, responsive, and timely manner. They will endeavor to operate in the most efficient manner possible to minimize costs and ensure the best use of the taxpayer's dollar. They may be reached by phone toll free at (800) 729-5772.
States handled:
- Connecticut
- Delaware
- Indiana
- Maine
- Massachusetts
- Michigan
- New Hampshire
- New Jersey
- New York
- Ohio
- Pennsylvania
- Rhode Island
- Vermont
| Appraisal Fees: | Single Family | Two-Four Family | Condominium | Manufactured Home | Timeliness Standard |
| Connecticut | $375 | $550 | $400 | $375 | 10 Days |
| Indiana |
$350 |
$500 | $375 | $350 | 5 Days |
| Maine | $400 | $550 | $400 | $400 | 10 Days |
| Massachusetts | $375 | $525 | $400 | $375 | 10 Days |
| Michigan | $350 | $500 | $375 | $350 | 5 Days |
| New Hampshire | $425 | $550 | $375 | $425 | 10 Days |
| New Jersey | $375 | $525 | $375 | $375 | 5 Days |
| New York | $375 | $550 | $425 | $375 | 10 Days |
| Ohio | $350 | $500 | $375 | $350 | 5 Days |
| Philadelphia/Delaware | $375 | $500 | $375 | $375 | 5 Days |
| Pittsburgh | $350 | $500 | $375 | $350 | 5 Days |
| Rhode Island | $375 | $525 | $400 | $375 | 10 Days |
| Vermont | $425 | $575 | $425 | $425 | 10 Days |
Liquidation appraisal fees:
| Appraisal Fees: | Single Family | Two-Four Family | Condominium | Manufactured Home | Timeliness Standard |
| Connecticut | $375 | $550 | $400 | $375 | 5 Days |
| Indiana |
$375 |
$525 | $400 | $375 | 5 Days |
| Maine | $400 | $550 | $400 | $400 | 5 Days |
| Massachusetts | $375 | $525 | $400 | $375 | 5 Days |
| Michigan | $375 | $525 | $400 | $375 | 5 Days |
| New Hampshire | $425 | $550 | $400 | $425 | 5 Days |
| New Jersey | $400 | $550 | $400 | $400 | 5 Days |
| New York | $375 | $550 | $425 | $375 | 5 Days |
| Ohio | $375 | $525 | $400 | $375 | 5 Days |
| Philadelphia/Delaware | $400 | $525 | $400 | $400 | 5 Days |
| Pittsburgh | $375 | $525 | $400 | $375 | 5 Days |
| Rhode Island | $375 | $525 | $400 | $375 | 5 Days |
| Vermont | $425 | $575 | $425 | $425 | 5 Days |
CHANGES FOR PENNSYLVANIA: Please note that the Philadelphia jurisdiction (including Delaware) and the Pittsburgh jurisdiction no longer have similar fees for Single Family and Manufactured Homes. Please refer to Attachment A for a county breakdown for each jurisdiction in Pennsylvania.
COMPLIANCE INSPECTION FEE AND REPAIR CERTIFICATION FEE: In accordance with Circular 26-06-01, dated February 15, 2006, compliance inspections are no longer required for proposed or under construction properties. They are still required for Specially Adapted Housing (SAH) construction or remodeling. The fee for a repair/alteration inspection requested by a lender or SAH compliance inspection is $100.00 for all jurisdictions.
LATE CHARGES: Lenders and other appraisal requesters should note that VA Form 26-1805-1 (Request for Determination of Reasonable Value) states: "On receipt of a 'Certificate of Reasonable Value' or advice from the Department of Veterans Affairs that a 'Certificate of Reasonable Value' will not be issued, we agree to forward to the appraiser the approved fee for which we are holding for this purpose." Appraisers and other fee personnel are authorized to collect a reasonable late charge for fees that are not paid promptly. Reasonable "late charges" are defined as no greater than $15.00 per month after 60 days have elapsed from the date of billing. Further, in those cases where VA has documented evidence of non-compliance with this policy, fee appraisers may be given authorization to collect their fee prior to the performance of the appraisal. Late charges are not to be charged to the veteran.
Appraisers and other fee personnel are not authorized to delay or withhold new assignments because of fees that are not paid promptly.
TRAVEL OUTSIDE OF ASSIGNED COUNTIES: A $20.00 fee as compensation for travel will be allowed where the appraiser or compliance inspector is required to appraise or inspect an individual property in a county other than the county or counties where they have been authorized to receive appraisal assignments on the standard VA rotation basis. VA must authorize the appraiser or compliance inspector to travel outside of the assigned county or counties. Appraiser examples: 1) Counties A, B, and C are assigned to you by VA as your territory as shown in The Appraisal System (TAS). You are not allowed to charge an additional $20.00 fee for appraisals or inspections completed on properties located in counties A, B, or C. 2) Counties A, B, and C are assigned to you by VA as your regular territory as shown in TAS. VA assigns a case to you in county D. You are allowed to collect an additional $20.00 fee
