VA Interest Rates VA loan Application Denver Realtor
[on
lender's letterhead]
LENDER'S
NOTICE OF VALUE
[date
of notice]
LENDER LOAN NO.:
VA CASE NO.:
APPRAISAL REVIEWER: [SAR
name, SAR id #]
[Mr.
and/or Ms.] [purchaser's
PROPERTY ADDRESS: [complete
address]
name
and current mailing address]
Dear
[Mr. and/or Ms.] [purchaser's
last name]:
The
above property has been appraised by a fee appraiser assigned by the VA
regional office in [city and state]. On
[date], our VA-authorized appraisal reviewer personally reviewed the fee
appraiser's report and determined the property's estimated reasonable value to
be $[amount]. The maximum
repayment period for a loan to purchase this property is [fee appraiser's
"economic life" estimate or 30, whichever is less] years.
The
VA appraisal was made to determine the reasonable value of the property for
loan purposes. It must not be
considered a building inspection. Neither
VA nor the lender can guarantee that the home will be satisfactory to you in
all respects or that all equipment will operate properly.
A thorough inspection of the property by you or a reputable inspection
firm may help minimize any problems that could arise after loan closing.
In an existing home, particular attention should be given to plumbing,
heating, electrical and roofing components.
REMEMBER:
VA GUARANTEES THE LOAN, NOT THE CONDITION OF THE PROPERTY.
THE
CONDITIONS/REQUIREMENTS CHECKED BELOW APPLY TO THIS PROPERTY:
_____
1. ENERGY
CONSERVATION IMPROVEMENTS. You
may wish to contact the utility company or a reputable firm for a home energy
audit to identify needed energy efficiency improvements to this previously
occupied property. Lenders may
increase the loan amount to allow buyers to make energy efficiency
improvements such as: Solar or
conventional heating/cooling systems, water heaters, insulation,
weather-stripping/caulking and
storm windows/doors. Other
energy-related improvements may also be considered.
The mortgage may be increased by up to $3,000 based solely on
documented costs; or up to $6,000 provided the increase in monthly mortgage
payment does not exceed the likely reduction in monthly utility costs; or more
than $6,000 subject to a value determination by VA.
Continued on next page
January 1, 2001 13-35
VA
Pamphlet 26-7, Revised
Chapter 13: Value
Notices