minimum property requirements: VA Minimum Property Requirements: Common Issues
- 06/06/12 12:01 AM
The Department of Veterans Affairs has a rulebook for VA home loans which includes a list of minimum property requirements that are used to guide VA appraisals. One of the most frequently asked questions about VA home loans in general is, “What does the VA appraiser look for?” While the answer to that question is too long to include in its entirety here, we can provide some of the most common issues and areas VA appraisers are required to review. For example, every home appraised by a VA fee appraiser must have a heating system which is “adequate for healthful and … (1 comments)
minimum property requirements: VA Minimum Property Requirements--What the VA Rules Say
- 05/26/11 04:11 AM
One of the most important parts of the VA home loan process is the VA appraisal. Borrowers choose a property they are serious about buying, complete loan paperwork, and get ready to commit to the loan. As part of this process, a VA appraisal is required to establish fair market value of the property. Only when that fair market value is known can the lender and the VA establish a loan amount for the transaction. But the VA appraisal doesn’t just assign value–it’s also intended as a review of the property to make sure it lives up to VA minimum property … (2 comments)
minimum property requirements: VA Appraisals and Hazardous Conditions
- 04/19/11 03:34 AM
The Department of Veterans Affairs has an appraisal system in place that insures that properties to be purchased with VA home loans live up to the VA minimum property requirements and are safe to live in. VA rules covering hazards and defective conditions in the home state, “The property must be free of hazards which may adversely affect the health and safety of the occupants adversely affect the structural soundness of the dwelling and other improvements to the property, or impair the customary use and enjoyment of the property by the occupants.” The rules also add a transparency requirement. “If an appraiser notices this … (1 comments)
minimum property requirements: VA Appraisals, Asbestos and Home Inspections
- 03/24/11 01:50 AM
In previous blog posts, we’ve discussed the difference between a VA appraisal, which is required for the sale of a home to move forward, and a home inspection which is an option the borrower should choose (but is not required to do so.) The VA stresses the importance of paying for the home inspection for several reasons, the most important of which being that the VA does not guarantee the condition of the home. An appraisal is not intended to give the house a “clean bill of health” for problems, defects or health issues that might not be visible or apparent … (1 comments)
minimum property requirements: Does the VA Offer MPR Waivers?
- 03/11/11 02:14 AM
In a recent blog post we talked about one of the most critical aspects of the VA home loan process–the appraisal. The VA appraisal is required to establish fair market value of the property, and to insure the home and adjoining property meets the VA’s minimum property requirements, also known as MPRs. But as crucial as the VA MPRs may be, sometimes there can be exceptions to the rule. According to the VA, an exemption may apply only if and when the right circumstances exist. “VA may agree to modify the MPRs where justified by certain conditions common to a particular … (1 comments)
minimum property requirements: Facts About VA Loan Minimum Property Requirements
- 03/09/11 03:24 AM
One of the most important parts of the VA home loan process is the VA appraisal. Borrowers choose a property they are serious about buying, complete loan paperwork, and get ready to commit to the loan. As part of this process, a VA appraisal is required to establish fair market value of the property. Only when that fair market value is known can the lender and the VA establish a loan amount for the transaction. But the VA appraisal doesn't just assign value--it's also intended as a review of the property to make sure it lives up to VA minimum property … (0 comments)
minimum property requirements: VA Minimum Property Requirements: Are There Exceptions?
- 12/14/10 02:54 AM
The Department of Veterans Affairs has a list of minimum property requirements a property must meet if it is to be approved for a VA home loan. These standards cover a wide range of issues from accessibility to health and safety. For example, when it comes to street access, the VA rules state, “Each property must be provided with a safe and adequate pedestrian or vehicular access from a public or private street.” The rules also add, “Each living unit must be able to be used and maintained individually without trespass upon adjoining properties. Any easements required must run with the … (1 comments)
The Department of Veterans Affairs has a rulebook for VA home loans which includes a list of minimum property requirements that are used to guide VA appraisals.
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