11 Minimum Property Requirements for a VA Appraisal

The primary purpose of a VA appraisal is to determine whether the property you plan to buy meets the VA’s Minimum Property Requirements or MPRs. As soon as you sign up for a VA loan, as one of the initial steps, an independent VA appraiser is procured to assess the property’s value. As getting a VA appraisal is mandatory if you plan to finance the property through for a VA loan, it is important to be aware of the MPRs that come into play to decide the fitment. To help, here are 11 must-know MPRs to obtain a VA loan.

1. Residential Use

One of the most important MPRs every VA loan borrower must know is that - barring a few exceptions - the VA provides loans only if the borrower is planning to buy the home as their “primary residence”. You cannot use the mortgage for any commercial purchases or buy a second home, a downtown deli, a fixer-upper, or a working farm. If you buy a multiunit property, you must use one of the units as your primary residence.

2. Working and Safe Mechanical Systems

Although minor glitches are acceptable, which your appraiser would point out anyway during assessment, there must not be any major faults in the electrical and plumbing systems of the potential property.

3. Adequate Water Supply and Sewage

Adequate and safe water for drinking, cleaning, and other purposes is another prerequisite. If the property gets its water from a private well, it must meet the federal water quality standards. In addition, the property must have a water heater and a safe sewage system.

4. Adequate Heating

The property’s heating system must be safe to use and capable to keep the interior temperature above 50 degrees Fahrenheit. Properties with non-electric, non-vented fireplaces may qualify too; however, the buyer needs to sign an agreement that states these equipment are safe.

5. Glitch-free Crawl and Basement Space

There should be proper ventilation and no debris. The house needs to be dry, and any excessive pooling of water or dampness will raise the red flags. Leaky basements may, again, disqualify the house.

6. Enough Space

There should be space enough to carry out the daily functions of life in the potential home. It must have enough room for living, sleeping, and cooking.

7. Proper Roofing

The property’s roof must be in sound condition. Leaks, missing shingles, or any other damage may disqualify it.

8. Defect-Free Construction

VA appraisers shouldn’t find any excessive dampness, decay, signs of poor workmanship or defect in the construction.

9. No Termites

All VA properties need to go through a termite inspection to ensure they are free of termites, dry rot, or fungus.

10. Safe Access

You should be able to safely access your potential home from the street. It home must have permanent easements or private doorways for entry.

11. No Health Hazards

Any property found with nuclear waste or any sign of radon may immediately put it out of the question. Besides, it should not have asbestos materials.

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