There’s no doubt that the VA Home Loans is one of the best mortgage loans in the US today. If you: a) have served 90 consecutive days of active service during wartime b) have spent 181 days of active service during peacetime, c) have served in the National Guard or Reserves for more than 6 years, or d) the spouse of a deceased service member who died during active duty or as a result of any service-related injury/disability, then you may qualify for a VA home loan.
But what about your property?
To help you determine if your property is eligible for the VA home loan, use the following guidelines:
- The home is accessible year-round, is detached from or independent of your neighbor’s property, and holds enough space between buildings for maintenance.
- The property stands alone and can be sold as a real estate property with the following conditions:
- A residential space of at least 75 percent
- Enough space for living, cooking, sleeping, and dining
- Contains not more than four units sharing utility room, storage, and laundry space
- Has an independent channel for water, gas, power, and sewer
- If a water well is shared, there should be protected connections and proper maintenance agreement among the users
- A detailed report from a VA appraiser for the fueled heaters and unvented gas fireplaces
- The mechanical system should be in good condition, the right size, is safe, and unexposed
- The water supply should be continuous and safe enough for drinking from the source. It should also have a heater for hot water.
- In case the water well is shared, the supply should be enough to cover the needs of all units at the same time
- Waste must properly channel to the sewers or septic tanks
- Roofs should be leak free. When repairing, old layers of shingles with three or more layers should be removed before new ones are replaced.
- Crawl places and attics must have good, natural ventilation, should be accessible and are free of debris. It should also have enough room to facilitate any necessary ductwork, plumbing, or electrical repairs.
- Party or shared walls that separate semi-detached or row units should not have any gap from the foundation to the roof.
- Ground cover should be stable and the site should have proper drainage that is away from the structure. The house should be a safe distance away from gas or petroleum pipelines and high voltage transmitters. If the pipelines are within 220 yards, there should be an additional approval necessary.
- The property should be in good condition, i.e., safe, clean, and free from any cold, decay, fungus, broken windows, peeling paint, unfixed sidings, exposed wires, insects and termites, among others.
This is a condensed summary of the requirements. If you want a more detailed and comprehensive explanation of each, you can download your own copy of the MPRs from the VA website.