What are the two types of appraisals used for a VA loan?

The two types of appraisals used for a VA loan are the Notice of Value (NOV) and the Certificate of Reasonable Value (CRV). The VA appraisal process is specifically designed to protect veterans by ensuring that homes purchased through VA loans meet certain standards and are worth the amount of the loan. The NOV serves as an assessment that establishes the maximum loan amount the VA will guarantee for the property, ensuring that it aligns with the fair market value based on the appraiser's evaluation.

The CRV, which is essentially a formal determination of the property's value by the VA, confirms the reasonable value of the property from the perspective of the VA, protecting both the lender and borrower in the transaction.

The other options do not align with the VA appraisal process. Market Analysis and Certified Appraisal are common terms in general real estate but are not specific to VA loans. Home Inspection and Comparative Market Analysis are also used in real estate transactions but do not serve as the formal appraisal methods recognized by the VA. Property Evaluation and Value Assessment may describe aspects of assessing property but are not the official terms used in VA loan transactions.