VA loan process for a multi family in Richmond, VA

6 Replies

Hi BP,

I am finally in the process of buying my first multi unit! I've been pre approved, I have my Realtor, I have my target neighborhood, I've been out roaming neighborhoods and running numbers on the BP calculators, I've been to my first REIA meeting in Richmond and now I'm just itching to pull the trigger. In the meantime I do have a few questions that I haven't been able to find the answers to on the forums.

1. Because it's a VA loan am I doing 2 separate appraisals? One for the VA and another "regular" one?

2. Are there home inspectors that specialize in multi families?

I'm sure there are more questions that'll pop up in my head and some that I'm forgetting. I've read a ton of Elizabeth Colegrove's articles to learn more about the VA process and any input would be appreciated. Thanks in advance!

Hi @LaShelle S.

Congrats on getting started. The VA loan question is best posed to your lender. Some loan types do require two appraisals, one is typically paid for by the seller and one by the buyer depending on loan type.

Are you planning to house-hack and live in one unit while renting out the others? If not that could disqualify you from using non-conventional mortgages (VA, FHA, VHDA, etc).

Lastly, your agent may have a good inspector they trust. If not, check out

David has done several inspections on multi-family units for me and is one of the most fairly priced and thorough inspectors in the business. 

Best of luck!

@Jon Deavers A house hack is exactly what I plan on doing! Thanks for the link to the inspection site...ton of information there. Every question that gets answered seems to bring another 10! I will definitely bookmark his page and let him know you referred him if my agent doesn't already have a recommendation.

@LaShelle S.  Thank you for your service.

You only need 1 appraisal for the purchase, unless for some reason a 2nd appraisal is required. Your lender will order the appraisal through the VA, and it will be assigned to a qualified appraiser.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

Originally posted by @LaShelle S. :

@Upen Patel Thanks so much for the answer. Does it matter at all if I get the home inspection first or the appraisal or is that schedule set by my lender or the VA?

 The appraisal is ordered by the lender. The home inspection is up to you.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

@LaShelle S. , I would definitely get a home inspection to go along with the VA appraisal but make sure that the lender arranges it early because the appraiser has like 10 or 14 days to complete it. This can potentially hold up the deal if it's arranged too late or if problems pop up during the appraisal that the seller has to fix.

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