When eligible Veteran and Servicemembers decide to purchase a home using VA home loans, there are certain qualifications or requirements that they have to meet.
Borrowers will need to prepare different documents or paperwork needed to apply for a mortgage under the VA. Other than that, borrowers have to get their financial situation in order before starting their home loan process.
However, the VA doesn’t limit their eligibility requirements to their borrowers. They also have standards set for the properties that Veterans wishes to purchase.
In order to meet VA standards, the homes that their eligible borrowers want to buy should meet VA’s minimum property requirements (MPRs).
Here’s everything you need to know and understand about VA’s MPRs.
Defining VA’s Minimum Property Requirements
By definition, VA’s minimum property requirements are a set of guidelines that a property should meet in order for it to be considered eligible.
It’s mainly to protect Veteran homebuyers from ending up having unexpected, and oftentimes very expensive, repair costs because the property was not properly inspected.
Checking the property’s eligibility by following VA’s Minimum Property Requirements are assessed when a property goes through a loan appraisal. While the property appraisal’s purpose is to determine the home’s current value, VA appraisers also check all the possible issues in a home and see if they meet the MPRs.
VA loan appraisals are oftentimes seen as a stressful process when purchasing a home with VA. However, with its purpose, it’s something eligible Veterans and Servicemembers should not miss.Talk to a VA-approved lender today
What are the specifics under VA’s MPRs?
Like any other sets of guidelines, VA’s Minimum Property Requirements have their own list of specifications.
In a nutshell, appraisers check a homebuyer’s desired property by going through three main guidelines.
First, they make sure that the property is a safe place to live in. They will look into possible safety hazards and assess every part of the property.
These may include the stability of decks, porches, fences, and other related structures. Mechanical and electrical systems are also checked.
Second, appraisals see if the property is structurally sound. It’s because structure-related repairs often cost more money than other repairs.
Therefore, anything that may compromise the property’s structural integrity is something that appraisers do not approve of.
These may either be drainage issues, leakage or substantial damage to the roof, damaged walls or ceilings and other foundation issues.
Finally, the property should also be sanitary. Any possible sanitary issues in a property affect the residents the most. Therefore, it’s something that appraisers try to avoid when assessing a property.
Water systems are checked. They make sure that the water supply in the property is clean enough for consumption.
Besides that, they also look into issues about sewage disposal, molds, and the presence of termites and pests.Let us guide you to the right path.
Ensuring affordable and safe housing
Our homes should always be a place where we feel the safest. For the VA, this is something that they aim to give to Veteran homebuyers.Start your homebuying journey with us.