I am a Federal and State of Florida licensed mortgage loan originator. I have worked as a mortgage lender for nearly twenty years. There are a lot of lenders and real estate professionals who are not familiar with VA mortgages and the VA loan process.
There was a time VA appraisals were scrutinized more intently than Conventional, FHA, and USDA appraisals; now all appraisals are scrutinized. Conventional and FHA appraisals are often conditioned by the underwriters or investor overlays requiring the completion of a review appraisal which is having another certified appraiser reviewing the current appraisal to make sure it was done appropriately. A VA appraisal will require repairs done by someone other than the Veteran.
The mortgage application and processing for the mortgage is very similar to the other types of mortgages except VA has a number of additional forms. We have two VA underwriters on our staff and the conditions on VA loan are not substantially different than those on the other types of loans.
VA loans do require a termite report; a prudent buyer and their professional real estate professionals should have a termite report done regardless with type of loan.
Finally, it is part of my job to educate the Veteran and the real estate professional(both listing and selling brokers) about the VA loan process and establishing realistic time frames and expectations.
James T. Iooss
First Lieutenant