On the purchase of a new house the VA will require an appraisal done by a VA approved appraiser, ordered by the lender.

The appraiser will issue a report called the Certificate of Reasonable Value.

The certificate of reasonable value (known as the CRV) is based on an appraiser's estimate of the value of the property you wish to buy. Since you can never borrow more than the appraised value, the first step in getting a VA loan is for the lender to order an appraisal.

The VA appraisal estimates the value of the property, but that is not the same as a home inspection. The VA appraisal also is not a guarantee that the house is free of deficiencies or structural problems. Most people should hire a reputable home inspector to examine the house you want to buy.