Minimum Property Requirements for VA Loans

Apr 7, 2021 | VA Loans

Using a VA home loan is a great way for qualified Veterans and current service members to buy homes. The loans typically offer lower interest rates and are easier to get in amounts that will help you find the perfect house. But part of getting a VA loan means meeting the VA loan requirements. There’s more to it than simply proving that you’re a qualified Veteran. You also need to choose a property that meets the minimum property requirements. So, what are those requirements? Let’s take a look.

The Property Must Be Livable

The most important thing to remember when going through VA loan requirements is that the house must be in livable condition. Livable condition means there are no major problems or repairs that need taking care of prior to you moving in. The electrical system must work properly. The windows and roof should be intact. If they’re not, you won’t be able to qualify for the VA loan.

The Heating and Plumbing Need to Work

Two of the key VA loan requirements your home must satisfy are functional plumbing and heating. If the plumbing doesn’t work well or you don’t have an adequate source of heat, you’ll need to choose a different house. If you’re determined to make the house your home, you’ll need to apply for a different type of mortgage.

It Must Be a Primary Residence

To qualify for a VA loan, you must plan on using the property as your primary residence. If you’re interested in a multi-family property, you can use the VA loan to purchase it. But you must live in one of the units for at least a year as your primary residence. If you’re looking for a vacation property or investment property that you won’t live in, you’ll want to apply for a different type of loan.

All Improvements Must Be Legal

You’ll need to make sure the building is up to code. That means any home improvements that the seller made either as a condition of the sale or before, must be permitted. Ask the seller for proof of permits for any major repairs or improvements to the property. If they couldn’t or didn’t get one and the permit was needed, you may not be able to finance the house.

Explore Your Options Today

If you’re looking at a house, contact the team at Mortgage Solutions Financial. We’ll help you better understand if the property meets the VA loan requirements. If it doesn’t, we can help you find a different loan type for the purchase.

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