Minimum Property Requirements – VA loans
As a Veteran’s real estate agent it is your job to represent and protect the client. Unfortunately some agents out there do not realize that a VA loan may have more requirements than a FHA or Conventional loan. Here are some quick tips to help you better represent the men and women who served our country.
Please take the time and review the entire section dedicated to Real Estate Professionals.
The Minimum Property Requirements provide us with guidelines that let us know if a property is going to be VA approved. You can go onto their site and check out many great resources.
The main one we want to talk about today is Property Requirements. VA loans do care more than just about health and safety and it is your job to know what they are looking for to help you through a smooth appraisal. Here are only a few items.
Space Requirements – The property must have enough space for living, sleeping, cooking, and sanitary facilities.
Mechanical – All mechanical systems must be safe to operate and be protected from the elements.
Roof – The roof must prevent the entrance of moisture and provide future use (it cannot be near its end of life)
Defective Conditions – There are some conditions that are unacceptable these include: Defective Construction, Poor Workmanship, evidence of settlement, dampness, leakage, decay & termites
Heating – homes must have heating systems that maintains at least a 50 degree Fahrenheit temperature in all rooms that have plumbing.
These are only a few of the items to keep in mind when listing a home and trying to determine if VA is an acceptable loan type. Also, as a listing agent you should know which offers to accept based on your property.
On the buying end it can be very frustrating to have your offer accepted on a home and because of appraisal items the home is unable to close. This can be very financially and emotionally draining for all parties involved. Yet it can be prevented simply by knowing that the home will not meet VA requirements.
There are great pamphlets online that go into all of the requirements.
At Green Forest Properties Erik is a Certified Residential Military Specialist and he would love to thank you for your service!
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