Are appraisals needed for government loans?

YES, on a purchase, a VA loan will always need an appraisal. A streamliner VA refinance does not need an appraisal. Conventional loans, an excellent credit buyer with a sizable down payment, and a property that has changed hands in the past 10-years - there is a reasonable chance you might qualify for what is known as an appraisal waiver. It isn't automatic. I lend for all loan, including VA loans on properties in MN, WI, IA, ND, SD. Find me at VAMortgageMN.com - Cambria Mortgage, NMLS 274132

VA does require some "type" of an appraisal unless it's a streamline (IRRRL) refinance. What's interesting is VA opened up the appraisal options with the issuance of VA Circular 26-22-13. b. In 2020, as a response to lockdowns and public health concerns associated with the COVID19 pandemic, VA temporarily allowed, for certain types of loans and characteristics of thoseloans, Exterior-only Appraisals and, in very limited circumstances, Desktop Appraisals.6 Inamending its procedures, VA noted that, according to USPAP, both Desktop Appraisals andExterior-only Appraisals can fulfill the requirements of USPAP as long as the analysis by the VAfee panel appraiser is credible.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231