Home Lenders FAQs - Lenders Can the repairs of a VA (Veterans Administration) appraisal or NOV (Notice of Value) be waived?
Can the repairs of a VA (Veterans Administration) appraisal or NOV (Notice of Value) be waived?

An MPR (Minimum Property Requirement) for existing construction can be waived by the VA field office (VA Lender's Handbook, 12.01 MPR Variations and Exemptions)

  • if a veteran is under contract to purchase the property, and
  • the veteran and lender request the exemption in writing, and
  • the property is habitable from the standpoint of safety, structural soundness and sanitation, and
  • VA is satisfied that the nonconformity has been fully taken into account by way of depreciation in the VA valuation.

Source: www.va.gov

 

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