Should My Agent Specialize in VA Loans?
Having an real estate agent that understands the VA loan process is crucial. This is because there is a difference between using a conventional loan, FHA loan, a USDA loan as compared to a VA home loan. There are actually some additional bonuses to purchasing a new home with a VA home loan, and an agent who understands these benefits will better suit your home search.
Benefits of VA Home Loans
A VA home loan is actually easier than a conventional loan as far as the qualification process goes. The qualification process for a VA loan has many benefits:
- They have a flexible, less strict set of requirements
- The borrower doesn’t have to pay a down payment
- No private insurance is required because the loans are backed up by the government
- They usually involve a more competitive interest rate because there is less risk
VA’s Home Requirements
Just as you would have a checklist for your must-haves in a new home, the VA also has its own requirements. This is the difference between VA home loans and conventional loans.
The VA sets Minimum Property Requirements, or MPRs. Your desired home must meet all of the MPRs in order to qualify for a VA loan. These are set up to protect the veteran home owners from finding any unexpected and costly fixes after moving in.
VA Appraisal Process
The MPRs cover issues that will need an immediate or near-immediate solution, and they cover the basics like safety, sanitation and structural integrity. These three factors are looked at during the VA’s appraisal process. Some of the specifics covered during an appraisal are:
- Heating and Cooling Systems
- Water Supply
- Sewage Disposal Systems
- Handrails on Staircases
- Exterior Paint
Borrowers who have want a home that does not meet the MPRs will have a difficult time securing any type of VA financing. Exemptions do exist, but the problems must be resolved before the home loan closes.
Home inspections are great tools that work alongside these VA appraisals. A home inspection will point out very specific problems that you can improve upon as you also work on the exemptions. Although they are not required, home inspections can save someone from experience further issues down the road.
Specialized VA Loan Agents
Agents who know about the VA appraisal process will also understand the requirements a home must have. This ultimately saves you time and money during the home search. An agent who specializes in VA home loans will efficiently lead you to the home of your dreams in no time.
If you have any additional questions about the VA home loan qualification process as well as the VA appraisal process, VA Loan Spot can help. Our specialists are ready to discuss your future and can assist you through the entire VA loan process. Call today!
Bobby Atkisson is a seasoned mortgage professional who provides high quality financial services to military members and veterans. With over 14 years experience in the lending and financial industry, his mission is to provide high quality mortgage programs with the most competitive interest rates. For expert advice and guidance on VA Home Loans and Refinance, contact Bobby today at 800-537-2050.