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VA Loan?


H3re2Learn's Avatar
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Join Date: Sep 2010
Posts: 110
OH

02-13-17, 05:35 PM   #1 (permalink)  
VA Loan?

Im thinking this is the right place for this, if not please move.

My parents are looking for a new home and my dad wants to get a VA loan because he was offered waayy lower interest rates and no money down BUT the agent said with a VA loan it has to pass a VA inspection and basically has to be a mint house. My parents are looking for a home around $80k so finding a mint house is difficult so im wondering if there is a criteria list somewhere that a VA inspector will be going off of during the inspection? or any idea how the process even goes? if its simple things like updating a furnace will they still approve with the promise of updating furnace? (just an example).

thanks

 
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Vermont's Avatar
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Join Date: Jan 2010
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VT

02-13-17, 06:35 PM   #2 (permalink)  
You should be able to google VA Mortgage Requirements and find the basic criteria.

I'm not a VA Appraiser; but as a Real Estate Broker (and a Combat Veteran who bought his 1st house with VA Guaranteed Loan 45 years ago), I know a little something about the requirements.

It shouldn't be the case, but the requirements will vary a bit from Region to Region: usually, there must be at least one bath that includes a Tub; all Bedrooms must have Closets; all Closets must have doors (not curtains); staircases must have handrails; all decks more than 8" above grade must have railings . . . . little things like that. I'm not up on the current requirements, so that's why I suggest you do your own research.

Really, lower interest rates have NEVER been the calling card for VA (or GI Bill) Loans; they're often higher. What attracts people with little money for a Down Payment in the 100% Financing AND the fact that the US Taxpayer foots the bill for the PMI. The absence of the PMI Premium may make it seem like the Interest Rate is lower . . . . it all depends on how the Terms are presented, and what the "Hot Button" is for any prospective Mortgagor.

Anyway, the house doesn't have to be pristine; the criteria are just a bit tighter . . . . and NO, "promises" don't count in home financing. If they did, no one would ever get foreclosed on; nor would there be a need for Divorce Proceedings if people kept promises.

 
marksr's Avatar
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TN

02-14-17, 04:18 AM   #3 (permalink)  
I used to paint a lot of new construction homes with some needing a VA inspection. Best I could tell the VA inspection wasn't any different than the local code inspections. Sometimes in fast moving subdivisions the 2 inspectors [VA & local] would walk the houses together. I've not had any experience with VA inspectors on older homes but the more stringent house inspection should alleviate any surprises that might crop up after the purchase.


retired painter/contractor avid DIYer

 
Vermont's Avatar
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VT

02-14-17, 06:53 AM   #4 (permalink)  
My suggestion is to contact the Lender that your Dad has chosen and ask if they have a set of guidelines that are employed right there in Ohio. You might ask who the VA Appraiser will be so that you could ask him/her what their criteria will be . . . . but, it's unlikely that they'll reveal the individual's name because you might contact the Appraiser and attempt to influence his opinion of the property's value. Ask if they have a set of the current guidelines for this kind of loan, and see if they can obtain a copy for you.

Meanwhile, here's a link to a set of general guidelines that may prove helpful:

Understanding VA Minimum Property Requirements | Military.com

I noticed that some of the requirements that have been imposed on my transactions are not itemized in this reference; that's how I've come to know that rules will vary from region to region . . . . and maybe among the VA Appraisers within an area. I once sold a 1 bedroom house using a VA Guaranteed Loan where the house sat on Posts instead of a poured foundation or concrete slab . . . . I thought it was an impossibility; but it went through !

 
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