What is the term for the document that outlines a VA loan's appraisal value?

The document that outlines a VA loan's appraisal value is known as a Notice of Value (NOV). The NOV is an important part of the VA loan process as it provides the lender, borrower, and real estate agents with the appraised value of the property. This value ensures that the loan amount does not exceed the property's worth, which is crucial in protecting the lender against potential losses.

The NOV is specific to VA loans and is issued after the VA appraiser evaluates the property, ensuring that it meets both the minimum property requirements and the fair market value standards. This document serves as a critical reference point for both funding the loan and determining the decision-making process regarding the purchase price.

Other documents mentioned, such as the Loan Estimate, Property Disclosure, and Final Closing Statement, serve different purposes in the mortgage process. The Loan Estimate provides borrowers with a breakdown of loan terms and estimated costs, the Property Disclosure usually contains information about the property's condition and any known issues, and the Final Closing Statement outlines all financial details at closing. While important in their respective contexts, they do not serve the specific function of detailing the appraisal value for a VA loan.