VA Home Loans: Minimum Property and Inspection Requirements

Today we’re going to be talking all about VA loans and what makes the property eligible for a VA loan, and we are going to get started right now.

Hey everyone. Welcome back to my channel. I’m Ledeana Strand with Homes by Strand, and RE/MAX Town and Country in Port Orchard, Wa. And again, if you are interested in all things real estate related in Kitsap county, then you need to hit that subscribe button down below, and that little bell icon to be notified of my future videos, because I talk about a lot of really cool stuff! So, Today we are talking about VA loans. In a nutshell. If you are getting a VA loan because you are in the military and you are eligible for it, and therefore get to put zero down for your down payment. Does every house qualify for VA loans? No, it does not.

So, let’s go into detail about how to determine whether your home is eligible for a VA loan. In a nutshell, it has to be safe, sound and secure. The House has to be move in ready. It cannot have a broken window. It cannot have a missing stove. It cannot have a non-working furnace. It has to be secure, meaning people can’t easily break in. It means that it is structurally sound. It is safe, it is clean. It’s not a fixer upper.

The VA does not want to lend money to their service members and put them into homes that would be unsanitary, not safe, just because it’s a good deal and it would be a fixer upper. So, if it has green Shag carpeting from the 70s that’s okay. That’s a cosmetic thing that you can fix. But if it had the kitchen ripped out, that’s not going to be livable and therefore they will not loan money on it.

The roof has to be intact and have at least five years of life remaining on the roof. If it’s on its last legs, that it’s got a 25 year old roof, they’re going to say that the roof needs to be replaced in order for you to get a loan on the property. And if the seller is willing to do that, more power to you, but not a lot of sellers are gonna want to go spend eight nine 10 grand on a new roof and then move out three days later.

If you are looking at a manufactured home or a mobile home, it’s tricky. The axles have to been removed. The wheels are not there, meaning we can’t just pick it up and move it somewhere else, and it has to be on a permanent foundation, but even then it’s going to vary lender to lender. Some lenders will do it, other lenders will say no. If you’re looking at mobile homes and manufactured homes, you’re going to have to make sure you’re working with a lender that will allow that and that it’s always on a permanent foundation with straps.

If you are looking at condos, they have to be approved developments by the VA, so there is a website where you can type in the name of the community and find out if it is allowed by VA. If they don’t approve of that particular subdivision, they’re not going to loan you money to buy a condo in there. The VA also will not loan money for vacant land, so you can’t buy a parcel of land and then build a house on it or buy a manufactured home and put it on there. They won’t. They won’t loan money for raw land.

So, what properties are great for VA? Well, new construction is awesome for VA. That way we know there’s not going to be any problems or surprises. If you are walking through the house doing your initial walkthrough and you find that the stove doesn’t work, the builder’s gonna have the stove replaced, or at least have it fixed prior to the closing.

You’re not going to worry about having any problems with the house not being safe and secure. If you are looking at homes that are five to 10 years old, you’re probably going to be in good shape. So just make sure that the homes you are looking at are not total fixer uppers. Maybe they have a little cosmetic work that needs to be done, but if it’s safe, sound, and secure, go ahead and make an offer.

So now you know what type of properties can qualify for a VA loan. If this is your first time buying a house and you’ve never used your VA entitlement before, go ahead and click this link down below. I have a free download to my Ultimate Home buyers guide, which will go over what kind of a down payment is needed, what kind of closing costs are needed, all that kind of good stuff. You’re welcome to download that free of charge. I also have some great lenders that I work with that specialize in VA loans, I would be happy to share should you need one.

I specialize in working with military clients, so if you are pcsing to Kitsap County, and you want more information, just like the video you saw right now, go ahead and hit that subscribe button. Or if you have any questions, reach out to me anytime, even if you are not in the Kitsap county area, I will get you in contact with a great agent in your area. Thanks so much for watching and I will see you on the next one. Make it a great home buying and selling day!