VA Home Loan Requirements

– Today, we’re gonna be talking all about VA loans, and what makes the property eligible for a VA loan,.

– Today, we’re gonna be
talking all about VA loans, and what makes the property
eligible for a VA loan, and we’re gonna get
started right after this. (energetic music) Hey, everyone, welcome back to my channel. I’m Ledeana Strand with Homes By Strand and RE/MAX Town and Country
in Port Orchard, Washington. And again, if you’re interested in all things real estate
related in Kitsap County, then you need to hit that
subscribe button down below and that little bell icon to
be notified of my future videos because I talk about a
lot of really cool stuff. So today, we’re gonna be
talking about VA loans. Now, in a nutshell, if
you’re getting a VA loan because you’re in the military
and you’re eligible for it, and therefore, get to put zero
down for your down payment. Now, does every house
qualify for a VA loan? No, it does not. So let’s go into detail
about how to determine whether your home is
eligible for a VA loan. In a nutshell, it has to
be safe, sound, and secure. The house has to be move in ready. It can not have a broken window. It can not have a missing stove. It can not have a nonworking furnace. It has to be secure, meaning
people can’t easily break in. It means that it is structurally sound. It is safe, it is clean. It is not a fixer upper. Now, the VA does not want to lend money to their service members and put them into homes that would be
unsanitary or not safe just because it’s a good deal, and it would be a fixer-upper. So if it has green shag carpeting
from the ’70s that’s okay. That’s a cosmetic thing
that you could fix. But if it had the kitchen ripped out, that’s not gonna be livable, and therefore, they will
not loan money on it. The roof has to be intact and have at least five years
of life remaining on the roof. If it’s on its last legs, that
it’s got a 25-year-old roof, they’re gonna say that the roof needs to be replaced in order for you to get a loan on the property. And now, if the seller
is willing to do that, more power to you, but
not a lot of sellers are gonna wanna spend eight,
nine, 10 grand on a new roof and then move out three days later. If you’re looking at a
manufactured home or mobile homes, it can be tricky. The axles have to have been removed. The wheels are not there, meaning
they can’t just pick it up and move it somewhere else, and it has to be on a
permanent foundation. But even then, it’s going
to vary lender to lender. Some lenders will do it,
other lenders will say no. If you’re looking at mobile
homes and manufactured homes, you’re gonna have to
make sure you’re working with a lender that would allow that and that it’s always on a
permanent foundation with straps. Now, if you’re looking at condos, they have to be approved
developments by the VA. So there is a website where
you can type in the name of the community and find out
if it’s allowed by the VA. If they don’t approve of
that particular subdivision, they’re not gonna give you
money to buy a condo in there. The VA, also, will not
loan money for vacant land. So you can not buy a parcel of land and then build a house on it or buy a manufactured
home and put it on there. They won’t, they won’t
loan money for raw land. So what properties are great for VA? Well, new construction is awesome for VA. That way we know there’s not going to be any problems or surprises. If you’re walking through the
house doing your inspection and you find that the stove doesn’t work, the builders are gonna have to fix or replace the stove prior to closing. You’re not gonna have to worry
about having any problems with the house not being safe and secure. If you’re looking at homes
that are five to 10 years old, you’re probably gonna
be in pretty good shape. So just make sure that the
homes you’re looking at are not total fixer-uppers. Maybe that they have
a little cosmetic work that needs to be done, but if
it’s safe, sound, and secure, go ahead and make an offer. So now you know what type of properties can qualify for a VA loan. Now, if this is your
first time buying a house and you’ve never used your
VA entitlement before, go ahead and click the link down below. I have a free download to my
ultimate home buyers guide, which will go over what kind
of down payment is needed, what kinda closing costs are needed, and all that kinda good stuff. You’re welcome to download
that free of charge. I also have great lenders that I work with that specialize in VA loans. I’d be happy to share with
you should you need one. I specialize in working
with military families, so if you’re PCing to Kitsap County and you want more information just like the video you saw right now, go ahead and hit that
subscribe button down below, or if you have any questions,
reach out to me anytime. Even if you’re not in
the Kitsap County area, I will get you in contact with
a great agent in your area. Thank you so much for watching, and I’ll see you on the next one. Make it a great home
buying and selling day.

17 thoughts on “VA Home Loan Requirements”

  1. This is a great video! So informative about the requirements for the VA loan.

  2. It is good to know this as it can trip things up when the appraiser calls out certain items. I just had a VA buyer and the self closing device on the sliding door wasn't working and the home had a pool. We ask for the repair during the BINSR because we knew it would get called out at appraisal.

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