VA loans are a great option if you’re a military member or veteran buying a home. They come with low rates, they require no down payment, and there’s no mortgage insurance either.
But VA loans won’t work on every property. In fact, all homes financed with a VA loan must meet the Department of Veterans Affairs’ “Minimum Property Requirements.”
These include a wide range of standards pertaining to the home’s condition, systems, utilities, and more, and they’re designed to ensure borrowers get a safe, secure, and hazard-free living environment.
Are you considering using a VA loan for your home purchase? Then make sure the property meets these minimum standards:
- It’s safe, sanitary, and structurally sound. There can’t be leaks, excessive moisture, foundation problems, or other issues that pose a health or safety hazard.
- There’s a safe, hazard-free access route to the property from a public or private road. If you must pass over private land to get to the home, there must be an easement in place allowing this.
- Water must properly drain away from the home. It can’t pool around the foundation or property.
- The roof must be adequate and have remaining life. Consider bringing in a roof inspector to be extra sure.
- There’s a continuous supply of safe drinking and hot water. There’s also some method of safe sewage disposal.
- Its heating system is adequate and safe. Properties with wood-burning stoves must have a conventional heating system, too.
- The electrical, plumbing, and mechanical systems are safe, operable, and have remaining life. All switches and electrical outlets should be working.
- If the property has multiple units, each one must have independent utilities and shut-offs.
- There must be adequate space for all household members to sleep, cook, and bathe.
- There can be no wood-destroying insects. Fungus growth, lead paint, and dry rot are unacceptable as well.
- If there’s a crawl space, it must be clear of debris, have proper venting, and have no excessive dampness or pooling of water. There must also be clear access to the crawl space.
The property also needs to be residential — not a commercial property. Single-family homes, manufactured homes, apartment units, and properties with one- to four units all apply. You can also purchase a condo (as long as the condo community is VA-approved).
Considering a VA Loan?
It sounds like a lot, but the main goal of the VA’s Minimum Property Requirements is to ensure you’re purchasing a safe and healthy home to live in. Have more questions or concerns about VA financing? Get in touch with a Premier Nationwide Lending office today.
Premier Nationwide Lending is an Equal Housing Opportunity lender. Sponsored by NTFN, Inc. 6201 West Plano Parkway, Suite 100, Plano, TX 75093 | NTFN NMLS 75333.