WHY VA HOME LOANS ARE GETTING MORE EXPENSIVE
Mortgage Banker
Richard Blair
Published on November 22, 2021

WHY VA HOME LOANS ARE GETTING MORE EXPENSIVE

If 2021 wasn’t tough enough for veterans wanting to buy a home with their VA benefit -the VA Mortgage- they just got dealt another blow.

Verify my mortgage eligibility (May 20th, 2022)

The Department of Veteran Affairs announced they will raise the cost of the appraisal fee and lengthen turn times for select markets. The VA cited a “high demand” for appraisal services.

Increases take effect December 1, 2021.

Probably the hardest hit will be the more rural counties with the highest increase in fees.

Verify my mortgage eligibility (May 20th, 2022)

In Arizona, the fee was increased from $600.00 to $650.00 for a single family home or condominium. Manufactured homes go up to a $700.00 fee.

In the following Arizona counties the fee for single family and condominium homes increases to $750 and $800.00 for manufactured homes. For homes in these counties the VA appraiser has 10 business days, rather than 7, to complete the report. Here are the counties affected:

  • Coconino
  • Graham
  • Greenlee
  • La Paz
  • Mohave
  • Yavapai
  • Yuma

Veterans experienced a hard time in the market because many sellers do not really understand the VA loan and there is a lot of misinformation out there. This is very unfortunate for veterans and they certainly deserve better consideration.

Verify my mortgage eligibility (May 20th, 2022)

Understanding how the VA Loan Process works and educating home buyers and Realtors is very important. To help make your offer get noticed and given consideration by a home seller you need to understand VA home loans. Also, have your mortgage loan originator sit down with your Realtor to better explain why the VA Mortgage does not create additional risk for a home seller.

Here is an awesome “cheat sheet” to explain the benefits of a VA Mortgage and how this great home loan can be used.

About the Author: Richard Blair, NMLS# 213176 is a mortgage loan originator with dwell Mortgage, a Victorian Finance Company. Richard has over 23 years experience as a mortgage professional. His goal is to educate home buyers to make wise financial decisions when choosing the best mortgage for their financial goals.

Show me today's rate (May 20th, 2022)
Mortgage Banker
Richard Blair Mortgage Banker
Click to Call or Text:
(480) 542-1085