Property Requirements for Veteran Loans

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