If you are planning to apply for
a VA mortgage, the department of Veteran Affairs has some minimum property
requirements that need to be met first. Home hunters applying for VA loans won’t be approved if their
chosen property doesn’t meet the basic minimum requirements set by the
department of veteran affairs.
According to the rules set by VA,
the property must be first evaluated by a VA appraiser and must be free from
hazards and defects. Any issue that could affect the health of the future
owners must be addressed before the loan gets passed.
Here are some minimum property
requirements that need to be met before veteran
loans can be approved:
Foundation: Foundation problems are a deciding factor for
considering minimum property requirements. Any home with foundation problems
automatically gets rejected for a loan by the VA.
Dampness: Excessive dampness in the home is another issue that
poses a potential structural hazard and won’t pass the guidelines of VA.
Drainage: VA rules explicitly state that in order to get approved
for a VA backed mortgage, a home must be properly graded in a manner that it
has, “positive, rapid drainage away from the perimeter walls of the dwelling,
and prevents pooling of water on the site.”
These factors directly affect the
health and safety of the future occupants of the home along with the future
value of the property. Any issue related to these factors might need to be
addressed immediately if you want to get approved for a VA loan.
For more info about VA loans or
for applying for VA loans, call All Western Mortgage on 702-850-2790 today or
visit http://www.awmlending.com/loans-VA.php
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