What to Expect from a VA Appraisal

A licensed VA appraiser will help determine your home's value and make sure it meets VA standards.

If you’re a veteran or active-duty service member buying a home with a VA loan, you’ll encounter a critical step in the process: the VA appraisal.

At Local Mortgage in Memphis, TN, we help homebuyers understand exactly what the VA appraisal involves—and how to prepare for it to avoid delays. Whether you’re buying in East Memphis, Cordova, or Collierville, here’s what you need to know.

What Is a VA Appraisal?

A VA appraisal is required by the U.S. Department of Veterans Affairs when using a VA home loan. Its purpose is twofold:

1. Determine Fair Market Value – Ensures the home is worth the purchase price.

2. Ensure Minimum Property Requirements (MPRs) – Confirms the property is safe, sound, and sanitary for living.

   
   

It’s important to note: the VA appraisal is not a home inspection, but it does include a basic evaluation of the property’s condition.

How Does the VA Appraisal Work in Memphis?

Once you’re under contract, your lender (that’s us!) orders the VA appraisal through the VA’s online portal. A licensed, VA-approved appraiser is assigned—typically within a few days.

Typical VA Appraisal Timeline in Memphis:

• Turnaround time: 5–10 business days

• Cost: Around $600–$700 in Tennessee

• Who pays: The buyer (unless otherwise negotiated)

  
  

The appraiser will inspect the home, compare it to recent sales in the area, and issue a report with the appraised value and a check for VA minimum property standards.

VA Minimum Property Requirements (MPRs)

To protect veterans, the VA has strict guidelines for property condition. Here are a few key items VA appraisers look for:

• Proper roofing and drainage

• Safe electrical and plumbing systems

• Adequate heating

• Structurally sound foundation

• No peeling paint (especially on older homes)

• No evidence of termites or wood rot

• Safe and accessible entryways

  
  

Memphis homes—especially older ones in Midtown, Berclair, or Frayser—can sometimes raise red flags due to age or condition. If the home doesn’t meet VA standards, the appraiser may require repairs before the loan can close.

What If the VA Appraisal Comes in Low?

If the appraised value is lower than your contract price, don’t panic—there are options:

1. Negotiate with the seller to lower the price.

2. Submit a Reconsideration of Value (ROV) if there’s supporting data.

3. Make up the difference in cash, though this isn’t always required.

4. Walk away with your earnest money protected (in most cases).

   
   

At Local Mortgage, we work closely with real estate agents and appraisers to avoid surprises and keep your home purchase on track.

Tips to Avoid VA Appraisal Issues in Memphis

• Choose a VA-experienced real estate agent who understands the MPRs.

• Consider a home inspection before the appraisal to catch potential issues early.

• Work with a local VA loan specialist (like us!) who knows the Memphis market.

  
  

Homes in historic areas like Cooper-Young or Binghampton may have charm—but they can also present unique challenges for VA appraisals. We’ll help you navigate it.

Final Thoughts

The VA appraisal is an important part of the loan process, but it doesn’t have to be stressful. With the right guidance and preparation, most VA appraisals go smoothly and close on time.

At Local Mortgage in Memphis, TN, we specialize in VA loans and understand what appraisers look for in local neighborhoods. From your first offer to your final closing disclosure, we’re here to support your journey every step of the way.

How I Can Help You

When it comes time to purchase a home or refinance an existing loan, I want to help you! Hopefully articles like this give you good information and a better understanding of the mortgage world but let me use my experience and expertise to help you with your particular situation.

I tell my clients and referral partners that a mortgage transaction starts with a simple conversation. Let’s talk about your financial situation, budget, and goals so that I can help you determine the best solution for you. During a 10-minute informal conversation, we can get you on the right path as it relates to a home purchase or mortgage refinance.