Use the form below to register your account.

Security question:

7 + 6 =

Register Account

  • News
  • VA Loan Requirements. Does Your Home Make the Cut?

VA Loan Requirements. Does Your Home Make the Cut?

December 28th, 2016

VA Loan Requirements. Does Your Home Make the Cut?

For military members who qualify, a VA loan is one of the best ways to finance a home purchase. Flexible credit limits and no down payment are just a few of the benefits that a VA loans offers.

While it is commonplace for homes purchased with a loan to be appraised, what is unique about VA loans are its Minimum Property Requirements.

Not to be confused with a home inspection, the VA’s Minimum Property Requirements take into account the home’s condition before approving the purchase. The purpose of which being to prevent the new homeowner from having to pay for major repairs that were unknown prior to closing.

Issues that can prevent the funding of a home due to the VA’s Minimum Property Requirements would be, for example a cracked foundation, termites, roof damage and mold.

Remember that when buying a home you are able to request the seller to repair any damages to the property, or simply pay for the repairs yourself out-of-pocket. And even with the Minimum Property Requirements it is still recommended that the buyer hire an inspector prior to purchase.

There are numerous homes for sale in Henderson that accept VA financing. Contact Gore Group Realty today to start your home search.

Related Articles