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Check your eligibility for a VA home loan. In addition to ensuring that home buyers don’t overpay for a property, the VA appraisal process makes certain that the home is a safe, move-in ready primary residence for the buyer. The overarching objective of MPRs is to make sure the home buyer is getting a property that is “safe, structurally sound and sanitary.”īut, the VA says, “The scope of MPRs also includes issues related to the property’s location and legal considerations.”Ĭomplete list of VA minimum property requirements While minor repairs should not be recommended, the appraiser should consider these items in the overall condition rating when estimating the market value of the property.” “The appraiser should not recommend repairs of cosmetic items, items involving minor deferred maintenance or normal wear and tear, or items that are inconsequential in relation to the overall condition of the property. But an appraiser shouldn’t block a home purchase solely because of minor details, such as poor decoration or an overdue servicing of the furnace. VA appraisers should take the general condition of the home into account when determining its appraised value. VA minimum property requirements: What’s important and what’s notīefore exploring the extensive list of VA MPRs, let’s consider what the Department of Veterans Affairs has to say about its requirements. It’s important to have an understanding of the VA MPRs and to work with a loan officer and real estate agent who have familiarity with the program. Keep in mind, the VA loan program does have its own eligibility requirements, and it also has extensive property requirements that can be confusing for first-time home buyers. Although the VA has not set a minimum credit score requirement, lenders are allowed to establish their own minimums and many want to see a score of at least 580-620. Start here.īecause it’s a government-backed loan, VA lenders are able to offer lower interest rates, too. Unlike an FHA loan or conventional loan, the VA loan will finance a home purchase with no down payment and no ongoing mortgage insurance. The VA loan program provides affordable mortgage loans for active-duty military service members and veterans.
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These are called “VA minimum property requirements” (MPRs), and they are important when buying a home with a VA loan. But did you know it also sets strict eligibility thresholds for the homes it’s willing to lend against? Check your eligibility for a VA home loan. You already know about the Department of Veterans Affairs’ eligibility requirements for borrowers. 19 min read Understanding minimum property requirements for a VA loan