11 Common Minimum Property Requirements for VA Home Loan
The Minimum Property Requirements are set by the VA to ensure that you can buy a safe and sound home. The MPR is set to protect the interests of the veterans. You can’t buy a home that doesn’t meet the VA MPR. So, it can become a headache if the homebuyers don’t understand the guidelines thoroughly.
Check out if the property meets the VA MPR when you choose a home.. In this way, you and your lender can save time and pick the right home for you.
Here’s a guideline to the Minimum Property Requirements to help you clear the VA appraisal process for your VA Home Loan.
1. Property with Adequate Living Space:
The VA appraiser will check if the property has distinctive space to support the functions of daily life. Your property should have enough space for living, sleeping, and cooking, etc.
Now, the question may arise, “What is the maximum acreage for a VA loan?”
Well, there is no limit on how many acres you can buy. This requirement is set to ensure that the veteran isn’t buying a home where the family would be living in a congested condition.
Read More : A Detailed Overview of the VA Appraisal Process
2. Usable and Safe Mechanical Systems:
The VA appraiser will check that electrical and plumbing systems have an adequate economic life for the buyer. Ask the seller to repair the minor electrical or plumbing glitches.
Homes with major electrical or plumbing issues will get disqualified for the VA loan. You can still buy the home after fixing the major problems.
However, it’s in your best interest not to buy a home with wiring all around. It may cost you severely to get the entire mechanical system repaired.
3. Adequate Heating System:
The home’s heating system must keep the temperature above 50 degrees Fahrenheit and should be safe. The following systems will be eligible if the buyer and seller sign the “hold harmless” agreement:
- Permanently installed non-electric
- Non-vented fireplaces
- Space heaters
- Wood-burning stoves
It must be remembered that all units should have an oxygen depletion sensor. The VA appraiser can disqualify the property if it doesn’t have an adequate heating system.
4. Problem-free Basements and Crawl Spaces:
The VA appraiser will also check for problem-free basements and crawl spaces. The basement and crawl spaces of your home:
- Must have dry space
- Must be clear of debris
- Must be ventilated
- Must not have excessive dampness or pooling of water
- Must not have foundation or ceiling leakage
5. 24/7 Water Availability:
The VA appraiser will check if your desired home has a safe water supply 24/7. He will also check if your home has a water heater and a safe method of sewage disposal. This is a mandatory requirement for living in a good condition.
6. Long-lasting Roof:
The VA appraiser will inspect the condition of the roof of your desired home to ensure that it’s long-lasting. According to the VA minimum property requirements 2021, the roof must provide “reasonable future utility.”
Many lenders may have a hard limit of 3 to 5 years although the VA didn’t exactly mention a specific time for the roof to last.
How long are roofs supposed to last?
If the home is built with asphalt shingle roofs then it will last for 20 to 25 years. If the roof is metal standing seam roofing, then it can last for 50 years.
Read More: How Long Does a Roof Last?
However, you need to look for missing shingles or gaping holes on the roof. These may cause a problem during the VA appraisal.
7. Property access to Driveways or Permanent Easements:
The VA appraiser will check if your property has safe access to the streets. So, your property must have private driveways or permanent easements at the entrance to ensure it is abiding by the MPR.
Talk to your VA loan specialist lender about the legal agreements if your property is on a shared or private roadway.
Read More: How to Find VA Loan Specialist
8. Health and Safety Hazards:
A few health and safety hazards will be posing big red flags for the VA appraisers:
- Nuclear waste
Your property will be disqualified for the VA loan if it is plagued with these sorts of health hazards.
9. Defective construction:
Poor workmanship, excessive dampness, decays, and settlement problems will give the VA appraiser reasons to disqualify your home for the VA loan.
You can address the minor defective issues before the closing. If there are major issues then it’s better to consider a different property that will align with the VA MPR.
10. Pest Inspection and Repairs:
Your property must be fixed for termites, fungus growth, or dry rot to qualify under the VA minimum property requirements 2021.
In most states, VA buyers aren’t allowed to pay for the pest inspection. Talk to your VA specialist lender to figure out what to do next if your property has pest issues.
However, there are nine states where VA buyers can currently pay for a pest inspection:
Also, you can ask your seller to repair the termites or dry rot. If the seller isn’t ready to pay for it then you are allowed to pay for the cost of repairs.
11. Lead-Based Paint:
The VA appraiser will check if the property involves lead-based paint. If you are buying a property that was built before 1978 then it must have lead-based paint. So, ask your seller to scrape or repaint the wall.
It must be remembered that the VA minimum property requirements were set to protect the interest of the Veteran buyers.
So, it would be wise to hire a VA specialist lender to guide you through the VA MPR guidelines while hunting your dream home.