The buyer received a Certificate of Reasonable Value for their loan. What type of loan did the buyer get?

A Certificate of Reasonable Value (CRV) is specifically associated with VA loans. This document is issued by the Department of Veterans Affairs and indicates the maximum loan amount deemed appropriate based on the property's value. The CRV is a crucial element in the VA loan process, as it protects both the buyer and the lender by ensuring the loan amount does not exceed the property's appraised value.

While other types of loans, such as conventional loans, FHA loans, or USDA loans, exist, they do not utilize a CRV as part of their lending processes. Each of these other loan types has its specific requirements and documentation but does not employ a Certificate of Reasonable Value, making the association of a CRV exclusively with VA loans.