For would-be homebuyers who have served in the military and others who qualify in Orem, Utah, VA loans are an excellent option because no down payment is required. However, this type of financing does come with a caveat – finding an acceptable home can be quite the challenge.
To protect everyone’s interests, the VA has set Minimum Property Requirements (MPRs), and the regulations are rather strict. As a borrower, this may seem like a drawback, but a home that makes the grade is sure to be safe, sanitary and structurally sound. So, you can be confident the property you purchase won’t be in need of major repairs.
Understanding the Property Requirements for a VA Loan
The MPRs established by the Veteran’s Administration are designed to safeguard mortgage lenders, servicers and borrowers. When determining if an Ogden home measures up, VA-assigned appraisers look for:
- Safe access from the street
- Roofing that is free of leaks
- Satisfactory plumbing, electrical and heating systems
- No obvious structural problems within the home
- No surfaces with defective lead-based paint
- No evidence of dry rot, fungus growth or infestation of wood-destroying insects
This list is incomplete, but you get the idea – the guidelines are meant to ensure that properties are safe, sanitary and suitable for dwelling purposes. But while any readily apparent repair needs will be noted, VA-assigned appraisers don’t take the place of home inspectors. For instance, they don’t conduct operational checks of the electrical, plumbing and HVAC systems, nor do they attempt to find everything that could go wrong at a residence within a few years. As such, a home inspection is still highly recommended.
Tips for Finding an Orem Home that Meets VA Guidelines
Given the extra step of getting a VA-assigned appraiser involved, finding an Orem home to purchase with a VA loan is a bit different from the traditional house-hunting process. To make it easier to locate a property that meets the MPRs, use these tips:
- Familiarize yourself with the guidelines, because that will allow you to limit your search to homes that fit the criteria.
- Work with a real estate agent who has experience with VA loans, as they’ll know what it takes for a house to be acceptable.
- Be patient, going into the process knowing that finding the right Orem property could take some time.
In addition, don’t close your mind to different options. Sometimes, things don’t go as planned with a house, and you might need to consider other properties. But rest assured – your dream home, one that meets the requirements for a VA loan, can be found.
Get the Mortgage Information You Need at Intercap Lending
Do you have questions about VA loans? Would you like information on all of your financing options? The mortgage professionals at Intercap Lending would be happy to help – contact our office in Orem, Utah, to discuss the VA loan program today.