There has been some talk in the past, even very recently, that the Department of Veterans Affairs might waive its minimum property requirements. However, even if they do wave some things there are still certain requirements that cannot be waived because they directly affect the health and safety of those who live in the home.
If you are currently hunting for a home and plan on using your VA loan it is important to remember you won’t be approved for a loan on any property that doesn’t meet basic VA minimum property requirements that are associated with your area.
According to the VA rules, properties evaluated by a VA appraiser must be free of hazards and defects. Any issue that could effect the health of the future owners must be addressed. Here are some of the most common issue you may face when it comes to minimum property requirements and the VA loan.
Minimum Property Requirement Issues
Foundation problems are a deciding factor when considering minimum property requirements. Foundation issues can be common in states like Texas, and violate the VA’s minimum property requirements. This is one of the biggest issues you might face, as the VA will more than likely be very strict when it comes to any sort of foundation issues.
Excessive dampness is another issue. Some dampness might be expected based on humidity factors and other issues in a given area. However, too much dampness is a potential structural hazard and won’t pass VA requirements. Make sure you are very well informed about dampness in the home you are interested in purchasing.
VA rules are pretty clear when it comes to this issue. They state that in order to be approved for a VA home loan, a property must be properly graded so the home has:
Positive, rapid drainage away from the perimeter walls of the dwelling, and prevents ponding of water on the site.
These are just some issues to remember and look for while you are on your journey toward a new home with the VA loan. All of these things will directly affect the future value of the property as well as the health and safety of the occupants. Obviously VA rules are setup to protect the investment…. But they are also in place to protect the buyer from unsafe conditions they may find in the new home.