Property to be Altered/ Improved/ Repaired

A VA-guaranteed loan may be acquired to alter, improve or repair a property owned and occupied by the veteran as the veteran’s home.  The property is eligible for appraisal either

·   prior to being altered, improved or repaired.  (When extensive alterations, improvements or repairs are to be made, VA must determine on a case-by-case basis at the time of the appraisal request which of the construction exhibits in Section 10.10 are required.  All work must be inspected, to the extent determined appropriate by VA on a case-by-case basis.), or

·   after being altered, improved or repaired.

Note:  This usually involves a VA-guaranteed loan for refinancing purposes.  No construction exhibits or inspections are generally required, if the work was completed prior to the appraisal.

In either situation, all work must be acceptably completed before VA guaranty of the loan.

Reference: See Section 7.03 for more information on energy efficiency-related alterations or repairs.