va mortgage loans historic homes

VA Loans

VA Mortgage Loans for Historic Homes: What to Keep in Mind

Historic homes exude distinct charm and character that are hard to find in modern architecture today. If you’re a veteran, you may be curious about using VA mortgage loans to acquire such a piece of history. In this article, we’ll explore some important considerations when using VA mortgage loans for historic homes.


Buying a Historic Home with a VA Loan

Historic homes have a distinct appeal. They often showcase unique architectural details, craftsmanship, and a rich history. Many people appreciate their one-of-a-kind charm and have an intense desire to preserve them. These feelings may naturally lead someone to purchase a historic home. If you’re a veteran, you may be able to use your VA benefits to make your dream of owning a historic property a reality. 


Do Historic Homes Qualify for VA Loans?

Many historic homes qualify for VA loans. However, they must meet certain requirements stipulated by the VA. As a borrower, it’s important to understand the criteria these homes must meet to be eligible for VA financing including the VA’s Minimum Property Requirements. 


Important Factors to Consider

When using VA mortgage loans for historic homes, there are several important considerations to keep in mind to ensure a successful home purchase:

  • Property Requirements: The property must meet specific criteria, including being in good condition, free from health and safety hazards, and conforming to local building codes. Check with your lender to verify the property’s eligibility.
  • Appraisal Challenges: Historic homes can pose appraisal challenges due to their unique characteristics. Appraisers need to determine the property’s value while considering its historical significance and potential maintenance costs. It can also be hard for appraisers to find comparables. 
  • Preservation and Restoration Costs: Historic homes often require ongoing preservation and restoration efforts. It’s essential to plan for potential expenses related to maintaining the property’s historical integrity.
  • Inspection Requirements: VA loans have specific inspection requirements to ensure the home is safe and habitable. This includes assessing the condition of the property’s foundation, roof, electrical, plumbing, and more. Understanding these requirements and being prepared for potential repairs is crucial.
  • Historic Preservation Restrictions: Some historic homes may come with preservation restrictions that limit what you can do with the property. Understanding these restrictions and how they might affect your plans is essential.


Contact Us Today for Expert Advice

Looking for more information on VA mortgage loans? Please do not hesitate to reach out to us. Contact our expert team today for more information and personalized assistance!