Va Home Loan Requirements

Va loan property requirements.

Va home loan requirements. Va home loans are provided by private lenders such as banks and mortgage companies. If you are using the va guaranteed home loan benefit a va approved appraiser will complete the appraisal to determine the homes value and ensure it is safe sound and sanitary for you and your family. These home requirements help ensure that veterans and military families have a safe structurally sound and sanitary place to call home. Learn about va home loan eligibility requirements for a va direct or va backed loan.

These are the main requirements for getting a va backed purchase loan. Some of these property requirements include. Service members who secure a va purchase loan have to certify that they intend to personally occupy the property as their primary residence. Va home loan eligibility requirements.

Potential va homebuyers need to meet requirements set by the department of veterans affairs and the lender they work with to obtain financing. Va helps servicemembers veterans and eligible surviving spouses become homeowners. Va borrowers usually have a 60 day window after completing the loan process to move into the house. Keep in mind that for a va backed home loan youll also need to meet your lenders credit and income loan requirements to receive financing.

You must be entitled to a certificate of eligibility coe based on your military. Vietnam war august 5 1964 may 7 1975. Like the other government backed loans va home loans have occupancy requirements that help keep the programs focus on primary residences. At least 90 days active duty with other than dishonorable discharge.

Less than 90 days active duty if discharged for a service connected disability. The va appraisal is meant to help veterans and service members purchase homes that are safe sanitary structurally sound and appropriately valued. As part of our mission to serve you we provide a home loan guaranty benefit and other housing related programs to help you buy build repair retain or adapt a home for your own personal occupancy. To obtain a va loan the law requires that.

There are broad criteria that a va backed home must be measured against known as minimum property requirements or mprs. For more information on vas minimum property requirements please watch this video. World war ii september 16 1940 july 25 1947. Korean war june 27 1950 january 31 1955.

The department of veterans affairs utilizes a series of minimum property requirements or mprs that a home must meet in order to qualify for a va loan. Local requirements page for the va loan guaranty service local requirements va home loans apply for and manage the va benefits and services youve earned as a veteran servicemember or family memberlike health care disability education and more.