Do you know what the VA Minimum Property Requirements are? No worries Our Military Friendly Realtor Team will be there to assist you in finding your new home, including watching out for a list of VA Minimum Property Requirements. Once we have an accepted offer an independent VA appraiser will make the final decision. Don’t confuse this with a home inspection, which isn’t a VA requirement but almost always a recommendation. The VA does not guarantee or warranty a home is free of issues or defects. If your dream home has some issues let’s talk. Some seller’s are ok with making repairs necessary for the buyer to obtain financing. Also the VA offers limited options for energy efficient and handicapped improvements to be added to the mortgage.
VA Minimum Property Requirements Include:
Residential Property – VA loans are designed to be used for a Veterans Primary residential living. We will be staying away from money producing properties. This includes some farms that produce a crop or livestock. Hobby Farms are just fine as they are considered personal use.
Living Space – This requirement is really very simple. The VA loan requires that the Veterans residence has enough space to live, cook and sleep. There is not a set amount of square footages required but it is difficult to purchase a home with under 600 square feet.
Water and Sanitation – VA loans require the home to have a clean supply of drinking water, a water heater and working sewage system. Homes with city water and sewer generally have no issues with financing. Rural homes with well and septic systems will require the water to have a quality test including bacteria, nitrates and possibly lead and arsenic. A septic system will need to comply with State and Local code and be inspected/certified by a qualified contractor.
Heating System – VA loans require that the home have a heating system that is capable of heating the interior to at least 50 degrees Fahrenheit. Both solar systems and wood-burning stoves count as primary heat sources, but a backup heat source will be necessary.
Mechanical Infrastructure – All mechanicals need to be on and available for the appraiser to test. These include heating, cooling if weather permits, electric, water and any other mechanical systems in the home. The appraiser must also provide their opinion that they will stay that way for the “foreseeable future”, typically 3-5 years.
Architectural Infrastructure – VA loans require that the structure also be in good condition for the foreseeable future. The structure includes Roofs, Windows, Siding, Foundation, Basement and Crawl Spaces. These must be free of standing water or visible water damage.
Property Accessibility – VA loans require you can drive to your home from the street. The home needs an all-weather driveway or permanent easement. Class 5 gravel is an acceptable form of all-weather driveway. An easement would apply if the homeowner needed to cross through another landowner’s property to gain access to his or her home.
Pest Inspection – Many states require a termite inspection. Minnesota is exempt due to our cold winters.