Page 17 - The Panozzo Team - VA Home Loan Guide

THE VA APPRAISAL PROCESS (CONT.)

RECONSIDERATION OF VALUE

- If the lender and agents agree that the appraiser may have made a mistake they can
go over the appraiser’s head and reach out directly to the VA to have a reconsideration
of value completed. The VA will work directly with the lender to review the appraisal

and see if any mistakes were made, (bed/bath count, sq. ft., acreage, etc.) and
will then make a decision either in the lender/Veteran’s favor or agree with the
original appraiser’s decision. *This is unique to the VA and has worked on multiple
occasions to provide more value above the original appraisal.” SURVIVING SPOUSES

- One of the unique benefits to VA loans is that qualifying surviving spouses are able
to use the deceased service members benefit to use the VA home loan.

- If a Veteran was killed in action or deceased from conditions related to their service-
connected disability then typically the surviving spouse is eligible to use the VA
home loan.
- Typically, the spouse is receiving DIC, or Dependent Indemnity Compensation they

have eligibility to use the VA home loan.

*Note – The lender still has to apply for the Certificate of Eligibility to verify eligibility.

OCCUPANCY
- A Veteran or active-duty buyer must occupy the home within 60 days of closing;
however, a Veteran’s spouse or dependent child can fulfill the occupancy

requirement.
*For example, if a service member is deployed and closes on a home, as long as

the spouse takes occupancy then there are no issues.
- If you have a Veteran and Non-Veteran trying to purchase a home using the Veteran’s
VA loan benefit then the VA will only Guarantee the Veteran’s portion of the 25%
guaranty. If you have a scenario where a Veteran is trying to buy with a girlfriend/

boyfriend or relative then the non-veteran will need to have a roughly 14.3% down
payment to make up their portion of the VA guaranty.

17