VA Loan Minimum Property Requirements

VA Minimum Property Requirements video
  • Single-family home (Mobile Homes included)
  • Condo unit  in approved  building
  • Must be owner occupied
  • No businesses, vacation homes, commercial farms
  • No maximum acreage requirements

VA Minimum Property Requirements

VA Minimum Property Requirements help ensure the property is safe and habitable. Here they are at a 20,000 ft view per the VA Minimum Property Requirements – Ch 12 of the VA Loan lenders handbook.

  • Safe, Structurally sound, and Sanitary
  • Meet local standards
  • Functional mechanical systems
  • Reasonable future utility, durability, economic life

Minimum Property Requirements continued…

These are the only Minimum Property Requirements copied directly from the VA Loan Guidelines.

  1. Property must have adequate living space.
  2. Mechanical systems must be safe and protected from the elements
  3. Heating must be permanently installed and maintain a temperature of at least 50 degrees in areas with plumbing.
  4. Water availability + quality 
  5. Adequate sewage disposal
  6. Roofing must be adequate.
  7. Attica, basements and crawl spaces must be accessible and problem free
  8. Property must have adequate access.
  9. No health/safety hazards.
  10. No defective construction.
  11. Must be free of termites.
  12. Lead-based paint: appraiser must report all defective paint surfaces on the exterior and require repair of any defective paint that exposes the subsurface to the elements.
  13. Grading must be positive and prevent ponding
  14. Geological or Soil Instability, Subsidence, and Sinkholes

What about cosmetic items?

  • 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.
  • 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. 

Leave a Reply

Your email address will not be published. Required fields are marked *