VA Financing Real Estate Blog

  • The VA Appraisal and Electrical Systems: What Is Required?

    Are you wondering how your VA appraiser will feel about exposed wires, a sparking fuse box or knob-and-tube wiring? Ponder no more. Let’s talk about the electrical portion of the VA appraisal. MPRs and Electrical Systems The VA issues a list of Minimum Property Requirements (MPRs) to every VA appraiser. Appraisers must ensure that properties meet or exceed MPR standards to qualify for VA financing. …

  • How Tough is the VA Appraisal? 3 Factors to Consider

    The unbeatable benefits of the VA loan program aren’t bestowed on every property that catches a military buyer’s eye. In order to garner VA approval, every home must undergo a VA appraisal. And although the VA appraisal has a reputation for being rigorous, its intentions are honorable: ensuring that homes purchased by veterans are fiscally and structurally sound. So how tough is the VA appraisal? In thi…

  • VA Loan Basics: What is the VA Loan Limit?

    Yes, there is a VA loan limit. But there isn’t a maximum VA loan amount. Bewildered? Join the ranks of service members and real estate agents who are baffled by the mysteries of “VA loan limits.” Let’s wade through the confusion with a clear and simple explanation. What is the VA Loan Limit? First off, understand that the term “VA loan limit” is a bit of a misnomer. The Department of Veterans…

  • Great Advice for Overcoming 3 Common VA Loan Hurdles

    VA loans are accommodating, flexible, and borrower-friendly, and the VA home loan process isn’t nearly as confusing as you might think. But that doesn’t mean that VA lenders will dish out money to anyone with a pulse. The VA loan program, although lenient, does require that borrowers meet certain standards. Potential borrowers who fall short of those standards needn’t panic. There are tried-and-true metho…

  • Watch for These 5 Things at Your Next Showing

    Watch for These 5 Things at Your Next Showing

    When an active duty service member receives a Permanent Change of Station (PCS) they're allotted 10 days of leave to scout their new town. Ten days isn't a lot of time when you have to visit a new town, find the right neighborhood, determine the best schools and get a new home under contract. Other buyers using their VA loan benefit have a different type of experience, with more time available to shop for homes. Bu…

  • Pest Inspection and Appraisal Tips from the VA

    I attended the National Association of REALTORS® Legislative Meetings and Expo in Washington D.C. this month. One of my favorite parts of this event for the past two years has been the visit to the Department of Veterans Affairs.  This year's meeting provided more knowledge about the VA loan process and a few suggestions on dealing with difficulties that can arise in the VA appraisal process. Clarity on Pest Insp…

  • 10 Minimum Property Requirements You Need to Know

    Appraisals are important in any loan transaction. They identify an un-biased value for the property, frequently based on recent sales in the area. But appraisals on VA purchase loans also help ensure veterans and service members get homes that are safe, structurally sound and sanitary. The Minimum Property Requirements were established by the VA to ensure each property meets the three S's. If you aren't familiar wit…

  • Amendments to Sales Contracts Can Impact Closing

    It's not uncommon for a sales contract to be amended at some point between initial signing and closing. Whether it's to change the purchase price, deal with repairs or to remedy a surprise situation, amendments are needed from time to time in this business. But did you know that an amendment received after the appraisal could hold up your closing? The VA issued a circular on Oct. 1, 2014 and a clarification ci…

  • Commuting Costs and Your VA Buyer

    There are two situations where commuting costs come into play for a VA buyer. The first occurs when the buyer wants to purchase a home a significant distance from their residence. The second occurs when the VA buyer will become a geographic bachelor. As an agent you need to know if either of these situations applies to your buyer because it can impact their loan approval. Working a Significant Distance From Home …

  • Yes, VA Buyers Can Purchase Older Homes

    Historic, old, rundown or fixer-upper. Older homes come in various stages of repair. There's a common misconception that VA buyers can only purchase newer homes with their VA home loan benefits. The truth is, VA buyers can purchase older homes. But they'll need a knowledgeable real estate agent to identify the homes that meet both the buyer's requirements and the VA's. Minimum Property Requirements Minim…