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getting VA loan and to have the CRV

Posted on: 18th Dec, 2006 03:13 pm
if I am applying for a VA loan then is it necessary for me to get the CRV?
Hi Bonilia,

Welcome to Mortgagefit forum.

Any VA loan amount can not be more than the value of Certificate of Reasonable Value (CRV). So it is quite necessary for you to get the CRV.

The CRV is calculated as per the estimate provided by an appraiser. You will have to make the appraisal request by filling the VA Form, which is known as the Request for Determination of Reasonable Value.

After filling the form you will have to send it to the VA office's loan guaranty division for processing and after that an appraiser will be assigned by the Loan Guaranty Office for appraisal of the property.

Thanks
Blue
Posted on: 18th Dec, 2006 03:42 pm
Let me add that if you are not aware of how an appraiser will be assigned then you can contact your local VA office for more information about the procedure.
Posted on: 18th Dec, 2006 04:01 pm
Hi Bonilia,

The CRV (Certificate of reasonable value) is based on the appraised value of the property. The VA loan amount should not be higher than the CRV.

The VA appraisal is not an inspection of the property and does not guarantee that the house is free of liens or defects. The VA guarantees the loan but not the condition of the property.

In most cases, a VA approved appraiser does the appraisal. Once the appraisal is complete, the report is sent to the VA for a review so that it can then issue a Certificate of Reasonable Value. The Certificate is then sent to the lender so that he can initiate the closing.

Thanks
Posted on: 18th Dec, 2006 08:22 pm
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