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VA home loans are an excellent but often underused resource that provide fair home loans to veterans and current servicemen and women. When applying for a VA loan, individuals should be aware that their desired property must meet specific guidelines in order to qualify. 

 

Residential

Though VA loans can occasionally be approved for nonresidential functions, a vast majority of VA loans are granted for residential properties, as this was the primary objective of the program. Because of this, it is expected that a property in question will be mainly, if not exclusively, used for residential purposes.

 

Safety & Comfort

In order to qualify for a VA loan, a property must meet certain requirements when it comes to the space and features available. To begin, these properties must have enough space for the veteran’s family to sleep, cook, and live; while this category is somewhat subjective, the home should be spacious and suitable for any specific needs or circumstances within a family. They must also have proper heating, water, and sewage systems. Homes with well water will likely need to undergo a special inspection to verify that the water is clean and drinkable. The property must also have a functioning electrical system and ventilation in crawl spaces and attics. It must also be devoid of lead-based paint and harmful organisms such as mold, fungus, and insects.

In general, properties that qualify for VA loans should not have any hazardous features or conditions that could negatively impact the quality of life and overall safety of the family moving in.

 

Architectural Integrity

Properties should be sturdy and secure with no leaks in the roof of any other part of the home. Any necessary repairs must be done to attics and basements prior to approval.

 

Exceptions

If the property you desire possesses some issues, it is possible to get an exemption, pay for the repairs yourself, or arrange for the seller to make the repairs. However, it is advisable to search for a home that has minimal issues so that, when securing a VA loan, you are doing so with a home that will suit your needs with minimal issues for years to come.