Page 19 - The Panozzo Team - VA Home Loan Guide

ACRONYMS AND MILITARY JARGON (CONT.)

12. RECONSIDERATION OF VALUE – This is the process after the appraisal has been
provided for the Veteran or Lender to request a review of the appraisal directly
from the VA if the Lender or Realtors believe the appraisal was incorrect.

13. MPR’S – Minimum Property Requirements. These are the things the appraiser
is looking for when appraising the property. The property must have certain items

making it eligible for VA lending.

14. IRRRL – Interest Rate Reduction Refinance Loan. This is where the Veteran is not
taking cash out and only lowering their current interest rate.

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