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VA Loan Requirements: What You Need to Know

VA Loan Requirements

Requirements for VA Loan Borrowers

When it comes to buying a home, many military families use a VA loan, which is one of the benefits of serving in the US Armed Forces . This type of loan can save a lot of money and can allow families to buy their own home before they would otherwise be able to do so.

VA Loan Uses

You can use the VA loan to:

VA Loan Requirements

With the VA loan you will need to have a an independent VA appraiser come and look at the residence. The VA will need to approve your house before the loan can go through. Safety, sanitation, and structural integrity is important and there are minimum property requirements that need to be abided by in order for your loan to be approved. The MPR’s help and insure that the property is constructed according to building codes and federal regulations as well as HUD requirements.

Well this might seem like an extra step in the process or a frustration but it is in the best interest of those buying the residence with their VA loan so that they do not end up in a home that has too many issues or that is unsafe for them to live in.

 

>> Interested in a zero down payment possible home loan with no PMI?  For a no-obligation, free consultation regarding your VA Loan eligibility, please go here.

 

So what does a home need in order to be approved by the VA? Here are some MPRs VA appraisers look for:

VA Loan Minimum Property Requirements

RELATED: VA Loan Limits

Mechanical Systems

Mechanical systems must be safe to operate, be protected from destructive elements, have a reasonable future utility, durability and economy and, have adequate capacity and quality.

Heating

Water Supply and Sanitary Facilities

Each unit must have domestic hot water, a continuing supply of safe and potable water for drinking and other household uses, and sanitary facilities and a safe method of sewage disposal. There are extra requirements regarding individual water supplies and individual sewage disposal systems.

The Roof

The roof must not leak and provide reasonable future utility, durability, and economy of maintenance. If a defective roof with three or more shingles must be replaced, all old shingles must first be removed.

The Crawl Space

The crawlspace must have adequate access, be clear of all debris, and be properly vented. The floor joints must be sufficiently above the highest level of the ground to provide access for maintenance and repair of ductwork and plumbing. If there is any excessive dampness or ponding of water in the crawlspace it must be corrected.

Ventilation

Attics and crawl spaces must be adequately ventilated to reduce the effects of excess heat and moisture.

Electricity

There must be electricity for lighting and necessary equipment.

Shared Facilities and Utilities

Access to Property, Living Unit, Rear Yard, and Exterior Wall Maintenance

Hazards and Defective Conditions

Lead Based Paint

There cannot be any lead based paint on any interior or exterior walls at the property, and if there is it will need to be corrected. Appraisers will assume that any defective paint condition on a property that was built before 1978 will involve lead based paint.

Party Walls

A building that is constructed to the property line must be separated from the adjoining building by a wall extending the full height of the building from the foundation to the roof. The wall may separate row type townhouses or semi detached units.

Gas and Petroleum Pipelines

The residential structure cannot be located within a high-pressure gas or liquid petroleum pipeline easement. This includes being partially in the easement as well.  There are special conditions for property close to the easement.

High-Voltage Electric Transmission Lines

No part of the residential structure may be located within a high-voltage electric transmission line easement to include partially being in the line easement.

Water and Sewage

Manufactured Homes

If a manufactured home has a fully completed foundation and the manufactured home unit has been installed, the home would be considered existing construction. The site, the manufactured home unit, and other on-site improvements must meet the VA MPR’s requirements for existing structures. The manufactured home unit must be properly attached to a permanent foundation system which is constructed to withstand both supporting loads and wide overturning loads and be acceptable to the building authority that has jurisdiction.

If the foundation for the manufactured home has not been fully completed and the unit has not been installed, the home is considered to be proposed or under construction. The site and on-site improvements but not the unit must meet requirements. The manufactured home unit must be properly attached to a permanent foundation system which is constructed to withstand both supporting loads and wide overturning loads and be acceptable to the building authority that has jurisdiction.

If you would like to start the process of looking for a home with your VA loan one of the best things you can do is find a realtor that has plenty of experience with VA loans. That way, when you were out looking at homes, they will be able to tell you what may pass and what might not pass when it comes to VA approval. Having someone that knows ahead of time what to look for will save you a lot of trouble as you start your home search.

Keep in mind that having a VA appraiser is different then a home inspection and that you should also pay for your own home inspection. That way, you know exactly what is going on with the home and repairs can be done before you move in.

 

>> Interested in a zero down payment possible home loan with no PMI?  For a no-obligation, free consultation regarding your VA Loan eligibility, please go here.

 

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