Mississippi Administrative Code
Title 25 - Military and Veterans - Veterans' Home Purchase Board
Part 202 - Loan Policies
Chapter 5 - Appraisal Assignments
Rule 25-202-5.2 - Non-Guaranteed Loans
Current through September 24, 2024
When the Veterans' Home Purchase Board grants a veteran's request for a non-guaranteed loan, we will require that a State Licensed Appraiser from the area in which the property is located complete the appraisal. The Executive Director or his designee must approve the appraiser prior to the appraisal being requested. The Veterans' Home Purchase Board must request the appraisal from the appraiser. The appraisal must be addressed to the Veterans' Home Purchase Board. In some cases, such as a recent bridge loan and/or a construction loan, a copy of the appraisal requested by the original lender may be acceptable. The Executive Director and/or his designee will determine if the appraisal is acceptable based on time since completion, appraiser qualifications, and quality of the appraisal.
A. Construction Loan, Appraisal Ordered by another Lender: If the appraisal was prepared for another lender prior to application for permanent financing with the Veterans' Home Purchase Board we may accept a copy of the original appraisal. Before closing of the permanent loan we will require a recertification of value addressed to the Veterans' Home Purchase Board from the original appraiser. The original appraisal must be less than 180 days old at the time of closing.
B. Temporary Loan, Appraisal Ordered by another Lender: If an appraisal was prepared for another lender for the closing of a temporary loan we may accept a transfer of the Original Appraisal accompanied by a transfer letter from the original lender addressed to the Veterans' Home Purchase Board. The appraisal must be less than 120 days old at the time of the closing.
Miss. Code Ann. § 35-7-7
