 Sam
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 Posted: Mon Apr 12, 2004 5:36 am Post subject: Certificate of Reasonable Value (CRV) |
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The Certificate of Reasonable Value (CRV) is a part of the qualifying process for a Veterans' Affairs (VA) Loan. It is a document indicating the appraised value of the property according to the current market value. It includes any repairs or inspections required to establish the actual value. It is filled in by the appraiser. If an appraisal of the property was carried out recently under the HUD procedure, you can convert that conditional commitment to a VA CRV based on certain limitations. You can contact your local VA office for the conditions.
The appraisal involves a cost .It is to be remembered that this is not an inspection and does not guarantee that the property is free of flaws. The amount estimated in the CRV is the most you can afford as loan. This is a useful index for both you and your lender.
This CRV will be accepted for the appraised value of the property for a mortgage to be insured by HUD-FHA.
Note: Refer to these for the format of the form:
- VA form 26-1343
- HUD form 92800-5
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