This video and its contents are not intended for residents or home owners in the states of MA, NY or WA. VA Minimum Property Requirements Lowvarates.com - 844-326-3305 If you’re a veteran getting a VA mortgage, the home you’re looking to purchase must meet minimum property requirements before the VA will back the loan. The property must be safe, sound, and sanitary—otherwise known as the “3 S’s of VA property requirements.” To learn about the details of these requirements, watch this video featuring mortgage expert Tim Lewis. If you have questions or would like to speak with a VA mortgage specialist, give us a call today at 844-326-3305. Low VA Rates Address: 384 S 400 W, Lindon, UT 84042 Phone:(866) 569-8272 Hours: Open today · 6:00 AM – 8:00 PM https://youtu.be/qxnTjPaFFGo
This video and its contents are not intended for residents or home owners in the states of MA, NY or WA. If you are looking for a home to purchase with your VA home loan, you should be aware of some of the VA property requirements. The VA has property requirements because they want to protect you from buying a home that is suboptimal and not suitable for you or your family. In this RED Friday video, we will be going over some of the VA property requirements. For a full list of VA property requirements, click here: https://www.benefits.va.gov/warms/pam26_7.asp When the appraiser comes out to a property to check for these VA property requirements, they will first look to see if there is any structural damage to the home. This structural damage could be but is not limited to, termites, a cracking foundation, or significant water damage. When you are looking for a home to purchase with your VA home loan, try to stay away from properties with this kind of damage because it may not pass the VA property requirements. Low VA Rates is committed to helping you find the home loan that is best for you and your financial situation. We are VA mortgage experts and have a strong track record of helping veterans take full advantage of their VA rights and benefits. We can do the same for you. Get started for free today and find out how much you can start saving. Give us a call today! 844-326-3305 NMLS# 1109426
Are you a Buyer or Seller and still have QUESTIONS? Call us — we'd love to talk! (619) 537-6016 Jed Bratt, San Diego Real Estate Broker/Realtor with The Real Estate Jedi Team http://TheRealEstateJedi.com of Big Block Realty discusses the VA Loan Appraisal for the VA Loan. The VA Appraisal is required for every VA purchase loan. But don't mistake the appraisal for a home inspection. These are two completely different things, and appraisals aren't as in-depth as a home inspection. Sometimes buyers confuse the two as the “VA Home Inspection” which is inaccurate. VA appraisers determine the reasonable or market value of a property for VA home loan guaranty purposes. They also do verify that the property meets the Department of Veteran’s Affairs “Minimum Property Requirements” aka “MPRs.” What does a property need in the way of a VA appraisal before it can be successfully considered? The VA appraisal is mandatory, so you should know what it encompasses. The MPR’s ensure the property is LIVABLE, SAFE, and SANITARY. The appraisal does NOT address things such as defects of the home that are not readily visible. In some instances the VA appointed appraiser will spot defects which are noted for correction—these don't knock the property out of the running for a VA loan however, and if they interfere with the MPRs, they will be listed as “Mandatory Repairs” prior to closing escrow. Once you begin the VA loan process, your Loan Officer will be able to order the VA appraisal for you. The Department of Veteran’s Affairs has certain appraisers approved to do the VA Appraisal. VA appraisals and home inspections AREN’T the same thing! Buyers should get a professional home inspection after agreeing to purchase a home. The VA Appraisal and the home inspection may sound similar, but let's look at the purposes of each and how they affect a VA loan. The VA appraisal is a crucial part of the home-buying process for qualified veterans and service members. VA appraisals focus on valuation and minimum property requirements. Watch this VA Appraisal video to learn more!
You have already been inspected!! What do you mean we cannot close on time!!
Property Appraisals are primarily undertaken to establish a value for a given property - typically the "sales comparison" approach is used for residential properties. For "conventional" mortgages this is still the norm. For government-insured mortgages, however, the appraisal serves an additional purpose of identifying issues that need to be corrected per established guidelines. As an excellent example, here's a snippet from the HUD FHA website: "Required Repairs: Required repairs are limited to those repairs necessary to preserve the continued marketability of the property and to protect the health and safety of the occupants, A.K.A. the three S's: Safety: protect the health and safety of the occupants Security: protect the security of the property (security for the FHA insured mortgage.) Soundness: correct physical deficiencies or conditions affecting structural integrity" As you can see, while the scope seems to be wide the type of repairs are actually fairly narrow. It's the interpretation of phrases like "physical deficiencies" and "health and safety" by appraisers that is key. Source document: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/ref/sfhp1-22 if you're a buyer and wondering why the home inspector you hired for $350 can't do this and get it done - no such luck. The FHA and VA rely solely on the "third party" appraiser to conduct their evaluation. As a seller, your listing agent should be well versed in potential appraisal repairs and offer suggestions on heading those off before it's two weeks to settlement... Any questions on the Lancaster PA FHA or VA home buying process feel free to reach out to me at firstname.lastname@example.org Thanks for watching! Please take a moment to subscribe here at http://tv.yourlancasterhome.com and pop over to our facebook page to "like" it at http://www.facebook.com/lancasterhomes Choose Jeff Geoghan for you next home sale or purchase in Lancaster! Thanks. (c) 2011 Jeff Geoghan
VA Provides grants to Veterans and Servicemembers with certain permanent and total service-connected disabilities to help purchase or construct an adapted home, or modify an existing home to accommodate a disability. Two grant programs exist: the Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant. Learn more: http://benefits.va.gov/HOMELOANS//adaptedhousing.asp
http://westerncoloradoappraisal.com Josh Walitt, certified appraiser. Here are several examples of FHA and VA items that will need to be repaired to meet lending requirements. Questions? Call (970) 778-2591.
Not all properties will qualify for a VA Home Loan, but most traditional homes do. In this video we talk about Property Eligibility. When obtaining a VA Loan, the eligibility of the property being financed is critical. First is the Property Type and second, does it meet Minimum Property Requirements (MPRs). These are a specific set of guidelines that a property must meet to be considered eligible. Watch this video for the details… Please continue to watch this series by clicking here: https://www.youtube.com/playlist?list=PLvs8AtQL3AlVDadNPViL1Vjw2m5OO2gI- Thanks for watching and please take a moment to subscribe to our YouTube Channel by clicking here: https://www.youtube.com/channel/UCEsyXlOnAJxcIJHOaP0UdsQ Kevin Fritz MLO #220254 Iron Point Mortgage 916-985-3200 ©2015 A division of Finance of America Mortgage LLC | Equal Housing Lender | NMLS 1071 | AZ BK 0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
Weeks of February 10 & 17, 2014-VHA Showcase Aims to Attract New Partners; VA, HUD Conduct 2014 Homeless Veterans Count; DC VAMC Winter Haven Stand Down; February Calendar; Did You Know?-VA Deploys GI Bill Comparison Tool Hosts: Onika Coke-Munoz & Clifton Coates
President Announces 8 Keys to Veterans' Success, The VA-Thor Connection, Video Helps Veterans Transition from Military to VA Health, Preview of Summer Edition of VAnguard, Did You Know?-Biloxi VAMC Turns 80