VA Updates Lender, Valuation Guidance for Borrowers Affected by COVID-19

The U.S. Department of Veterans Affairs (VA) today issued guidance for VA home loan borrowers affected by COVID-19 and describes temporary measures regarding loan origination, closing and guaranty. The guidance can be found here. The VA also issued separate guidance regarding valuation practices during the pandemic, specifically as it relates to the appraisal process. The VA will change the long-standing practice of requiring access to the interior of the home for certain types of loans. Valuations may come in the form of an exterior-only appraisal with enhanced assignment conditions or in limited instances, a desktop appraisal. These procedures are temporary and the VA will return to normal operations after the national emergency. For more information, contact Curtis Milton at 800-368-5242 x8597.