General World News

VA hikes appraisal fees, turn-times in select markets

The Department of Veterans Affairs will raise appraisal fees and lengthen allowable turnaround times in select markets across the country in response to high demand for appraisals.

The cabinet-level federal agency, which backs mortgage loans for veterans, said the move was in response to “unprecedented demand for appraisal services” in some markets. The fee increases, which vary by state and county from as little as $25 in Minnesota to $400 in some areas of California, will take effect Dec. 1.

The VA said it had taken note of increased market demand in a “seller’s market,” in a notice explaining the increases.

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