Dec
06
Originally published on November 19, 2021, by Georgia Kromrei for HousingWire.com.
The Department of Veterans Affairs will raise appraisal fees and lengthen allowable turnaround times in select markets across the country in response to the high demand for appraisals.
The cabinet-level federal agency, which backs mortgage loans for veterans, said the move was in response to “unprecedented demand for appraisal services” in some markets. The fee increases, which vary by state and county from as little as $25 in Minnesota to $400 in some areas of California, will take effect Dec. 1.
The VA said it had taken note of increased market demand in a “seller’s market,” in a notice explaining the increases.
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