VA home requirements ensure the property is a safe investment for the home buyer.
VA lenders utilize a series of minimum property requirements that a home must meet to qualify for a VA loan.
These home requirements aim to ensure that veterans and their families have a safe, structurally sound place to live.
VA Loan Home Property Requirements
VA underwriters are made aware of any property issues when the appraisal comes in.
Minimum property requirements cover issues that can affect the property’s value or its safety.
These issues can be as significant as a foundation problem or as little as wires hanging from walls and ceilings.
VA loan home requirements include:
- Clean water
- Working electric, and heating systems
- Plumbing that works
- Safe and proper roofing
- No lead-based paint
- Free of termites
- Proper sewage disposal
- No mold
- No chipped paint
- No foundation issues
- Accessible from private or public streets
- Property must meet local housing codes
- No wires hanging from ceilings or walls (must be caped properly)
- No broken windows
What happens if the property doesn’t meet the minimum VA home requirements?
Problems with the property have to be corrected before a loan closes.
The repair that doesn’t meet the VA requirement would need to be fixed before you can close on a VA loan.
There are three options:
- Fix the repair yourself
- Ask the seller to pay for repairs
- Walk away from the deal
Once fixed, the VA appraiser will go back to the property to confirm that the problem has been repaired and the property meets VA standards.
Due to these minimum standards, buying a property that needs repairs probably isn’t a good idea unless you know that the repairs will be completed before closing the loan.