A VA appraiser conducts a property inspection and determines that the roof needs replacement. The appraiser issues a notice of value subject to the roof being repaired. Under VA minimum property requirements (MPRs), what must happen before the loan can close?
Correct Answer
C) The seller or another party must repair the roof to meet VA MPRs, and the appraiser must verify the repair before closing
VA minimum property requirements must be met before the loan can close. If the appraiser identifies deficiencies, the seller, buyer, or another party must make the necessary repairs. The appraiser or a qualified inspector must verify that the repairs were completed.
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Related Topics & Key Terms
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Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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