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Question about purchasing a fixer-upper with my VA entitlement.

What types of situations would make a home ineligible for a VA approval? Is there a list somewhere? by trenton8935 from La Jolla, California. Dec 30th 2015 Reply


Ken Schisler (kschisler@integr8tive.com)
#1225 ranked lender in California - 1 contribution

Good Morning:Great question! Below is a Summary what what is required to close on a property with a VA loan.Im well versed in funding VA loans, feel free to contact me directly with any further questionsKen Schislerkschisler@integr8tive.com(949) 340-2692Thank you!VA Minimum Property Requirements * 1. Access is year-round, independent of your neighbor's property and has enough space between buildings for exterior upkeep. 2. Property is a single and marketable piece of real estate with:At least 75% residential spaceA bathroom and space for living, sleeping, cooking and diningNot more than 4 units sharing laundry, storage, utility roomSeparate shutoff for water main, sewer, gas and powerProtected connections and proper maintenance agreement if water well is sharedSafe, appropriately sized mechanical system in good condition and unexposedDetailed VA appraiser report for unvented gas fireplaces or fueled heatersWater supply (either city or well) is continuous and safe for drinking from the source with heater for hot waterIf water well is shared there must be enough water for all units at the same timeWaste flows safely into septic or public sewer 3. The Roof is free of leaks and any repairs done consist of removing old shingles with 3 or more layers before replacing with new ones. 4. Attics and Crawl Spaces have natural ventilation, access, are free of debris and have enough room to make repairs to ductwork, electrical and plumbing. 5. Party Walls or shared walls separating semi-detached or row units have no gaps from foundation to roof. 6. Site has proper drainage away from structure and ground cover is stable; and the property cannot be within the easement of high voltage transmitters or gas or petroleum pipelines -- if within 220 yards of a gas or petroleum pipeline, additional approval is needed. 7. Structure is sound, clean and free of dry rot, decay, mold, fungus, peeling paint, broken windows, bad construction, poor craftsmanship, dampness, leaks, exposed wires, evidence of continuing settlement and termites and other pests. The VA MPRs require a property to be free of hazards that can hurt the occupants or prevent them from using and enjoying the property.

Dec 30th 2015
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Timothy Howard (timehoward)
#70 ranked lender in Utah - 154 contributions

Start with the VA Construction loan and move from there.

Dec 30th 2015
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