If you are a veteran looking to purchase a home, then you may be eligible for a VA loan. VA loans are one of the best home loan options available to veterans, as they come with favorable terms and low interest rates. However, before you can qualify for a VA loan, you need to meet certain property requirements.Verify my mortgage eligibility (Dec 9th, 2023)
First, the property must be for your own personal occupancy. You may not use a VA loan to purchase a second home or an investment property.
The property must also be in a condition that meets all applicable building codes and standards for safety and sanitation. This means that the property must be structurally sound and free from health and safety hazards.
In addition, the property must meet certain environmental requirements. For example, it must be free from lead-based paint and toxic mold. Any damage or defects must be corrected before the loan can be approved.Verify my mortgage eligibility (Dec 9th, 2023)
Finally, the property must be located in an area approved by the VA. Generally, this means that the property must be located in an area that is considered "stable" and not in an area that is prone to flooding or other natural disasters.
These are the basic property requirements for a VA loan. Keep in mind that there may be additional requirements based on your specific situation, so it is important to talk to a loan officer to determine what additional requirements you may need to meet.
Give us a call us today at 949-243-7900 to determine your VA Loan eligibility and start you on the path to owning your own home. We are a veteran focused company, participate in veteran-run non-profit organizations aiming to help some of our finest secure their homes via VA loans, and strive to educate all of our veteran clients as well as real estate agents on the benefits of a VA Home Loan. We are proud to have helped thousands of veterans navigate the home buying process.Show me today's rates (Dec 9th, 2023)