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What is an approved appraisal package?

Approved Appraisal means an appraisal that has been reviewed by a review appraiser and approved by the Trust for use in determining the maximum approved purchase price that the Trust and the grant recipient will pay for property.

How long do VA appraisers have?

How Long is a VA Appraisal Valid? The VA appraisal is good for six months from the effective date of the appraisal for refinance loans or until the loan closes for purchase loans.

What is an appraisal package?

So while pre-approvals and limited appraisal waivers enable some earlier approvals, expect that most lenders will still require the appraisal to be done in order to issue final loan documents and legally commit to lending on a specific property.

What is the condition rating for appraisers?

Appraisal condition ratings, also known as UAD condition ratings or property condition ratings, are the standardized rating system (from C1 to C6) an appraiser must use to provide the GSEs with information about the condition of the property improvements.

What are the two types of written appraisal report options for non-lending appraisal reports?

In reporting the results of a real property appraisal assignment, you must use one of the two written report options outlined in USPAP: Appraisal Report or Restricted Appraisal Report.