Final answer:
A property appraisal by the U.S. Department of Veterans Affairs is known as a A. VA Appraisal. It evaluates the fair market value and ensures the property meets VA's safety standards.
Step-by-step explanation:
An appraisal of property value by the U.S. Department of Veterans Affairs is known as a A. VA Appraisal.
This is a thorough assessment conducted on behalf of the VA for a property that a veteran or service member is considering purchasing with a VA home loan.
The primary objective of a VA Appraisal is to ascertain the fair market value of the home and to ensure that the property meets the VA's Minimum Property Requirements (MPRs) for health and safety standards.
The VA Appraisal is unique and should not be confused with FHA Appraisal, HUD Appraisal, or Conventional Appraisal, each of which serves a different loan program or agency.