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.

The

Panozzo

TEAM
YOUR KEY TO THE RIGHT MOVE

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