The VA minimum property requirements for mortgages backed through the veterans benefits program can help determine whether the property you’re considering qualifies for a VA loan.
Many veterans wonder whether the property they are eyeing qualifies for a VA loan. The VA Minimum Property Requirements or MPRs can help. If the home you’re thinking of buying meets these guidelines, then it may qualify:
VA MPRs *
1. Access is year-round, independent of your neighbor’s property and has enough space between buildings for exterior upkeep.
2. Property is a single and marketable piece of real estate with:
3. The Roof is free of leaks and any repairs done consist of removing old shingles with 3 or more layers before replacing with new ones.
4. Attics and Crawl Spaces have natural ventilation, access, are free of debris and have enough room to make repairs to ductwork, electrical and plumbing.
5. Party Walls or shared walls separating semi-detached or row units have no gaps from foundation to roof.
6. Site has proper drainage away from structure and ground cover is stable; and the property cannot be within the easement of high voltage transmitters or gas or petroleum pipelines -- if within 220 yards of a gas or petroleum pipeline, additional approval is needed.
7. Structure is sound, clean and free of dry rot, decay, mold, fungus, peeling paint, broken windows, bad construction, poor craftsmanship, dampness, leaks, exposed wires, evidence of continuing settlement and termites and other pests.
The VA MPRs require a property to be free of hazards that can hurt the occupants or prevent them from using and enjoying the property. For more info contact a VA approved lender.
*This article contains a simplified summary of VA MPRs. Specific details regarding the property requirements for VA loans can be found here federal parent plus loan applicationShow Full Article
VA Loan Eligibility Qualification Requirements
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If you want to keep your home and your existing mortgage loan has a variable interest rate, then it is time to consider refinancing to a fixed rate type who is my loan servicerQualifications For A Va Home Loan
Qualifications for a va loan
A veteran is generally eligible for VA home loan benefits if he or she served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard after September 15, 1940, and was discharged under conditions other than dishonorable after either:
There might be some specific circumstances for your particular situation that may qualify you. Contact us today to learn more student loan default rehabilitation
VA Loan Qualifications - Mid America Mortgage Inc.
Requirements for a VA Mortgage loan fall into three categories: 1) Eligibility 2) Income and 3) Credit
Most Veterans or active duty military service members need to will have served according to the requirement below:
Surviving spouses of service members who died in service or as a result of service-connected injuries may also be eligible for a VA Home Loan.
A VA Loan Certificate of Eligibility (COE) is required to obtain a VA Loan. As an approved VA lender we have access to the Veteran Affairs automated system and can obtain your COE for you when you apply for a VA Mortgage with us.
Income qualifications for VA Loans are primarily evaluated using a residual income calculation. This formula determines if a Veteran has enough income to pay for living expenses along with their mortgage, housing expenses, taxes and other debts such as credit cards or auto loans.
The Veterans Affairs loan guidelines do not have a minimum credit score requirement. Like most lenders we do have a minimum credit score requirement, however, our minimum credit score for a VA Loan ranges from 580 to 620. If your credit score is close but just below where it needs to be, we can provide analysis and suggestions that could raise your credit score, sometimes fairly quickly.
Bankruptcy does not necessarily disqualify you from being able to get a VA Loan. If you have had a Chapter 11 Bankruptcy it must have been 12 months since the bankruptcy has been discharged. With a Chapter 7 Bankruptcy, 24 months need to have passed since it was discharged. Your credit history since the discharge date must be acceptable as well cash loans memphis tn
Certificate of Eligibility - VA Home Loans
All things being equal, for those who meet California VA Qualifications, the VA Loan will usually be a better choice than either FHA or Conventional loan financing. This is especially true for those with less than 20% for a down payment.
Past perceptions are that a VA Loan is more difficult to get than other financing, but when you work with a VA Loan Specialist, it’s no more difficult—and sometimes easier—than getting other types of home loans.
Fortunately, our team at WealthWise Mortgage Planning specialize in California VA Loans. We can explain all the California VA Requirements and make it all really easy to understand.
There is so much to know about California VA Guidelines—more than we can completely list here—but for active-duty or military veterans, there’s just a few basic California VA Loan Requirements needed to get your started down the path towards VA Loan qualification.
The basic California VA Requirements are as follows:
*While you can apply directly to the VA for your COE, like so many things in the military, it’s, “hurry up and wait” and could take a couple of weeks to get. At WealthWise Mortgage Planning, we have a direct, electronic connection to the VA and can get your COE for you in a matter of minutes, in most cases.
We recognize that not all military service is created equal and that everyone’s service is a little different. If you don’t fit neatly into the above criteria, don’t assume you don’t meet the California VA Qualifications. Check with us anyway. Because, “…the answer’s always ‘no’ if you don’t ask va loan assumption”
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