How old can a house be for a VA loan?
Borrowers should know there is no time limit or “maximum age” limit on VA loans. As long as a borrower is otherwise qualified, age and time do not play a part in the loan approval process, except where legal minimum age and mental competency are concerned.
How do I find out if a property is VA approved?
In order to determine if a condo is VA approved or not requires a visit to the VA’s website. From there, if you know the name of the condo association, you are in luck. Just enter the name and you’ll have your answer within seconds.
What are the VA loan requirements?
Who Qualifies For A VA Loan?
- Served 181 days of active service during peacetime.
- Served 90 consecutive days of active service during wartime.
- Served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.
How many acres do you need for a VA loan?
VA does not limit the number of acres a VA-guaranteed property may have. The appraisal of properties with acreage should not pose a problem, as long as similar properties in the area were recently sold primarily for residential use.
Will VA approve an older home?
Historic, old, rundown or fixer-upper. But they’ll need a knowledgeable real estate agent to identify the homes that meet both the buyer’s requirements and the VA’s. ยป First-Time Homebuyers: Check your VA loan eligibility here.
Why do Realtors hate VA loans?
In some cases, home sellers won’t accept purchase offers backed by VA-guaranteed mortgages for fear of low appraisal value. Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency’s mortgages.
What property Cannot be financed with a VA loan?
Vacant land is a no-no for VA financing. You can’t use a VA loan to purchase a plot of land, even if you plan to put a home on it one day. There would need to be a home in the immediate mix.
Can the VA loan be used to buy land?
Buying land with a VA loan is possible, but it must be done simultaneously with constructing a new home. You can’t use a VA loan to purchase land by itself – even if you intend to build a home later.
Why do sellers hate VA loans?
Sellers Must Pay Certain Fees The same isn’t true when you use a VA loan. The loan program prohibits buyers from paying certain fees at closing. Typically, this will include the loan underwriting fee and the closing fee. Those fees don’t go away.
Can I use my VA loan to buy land and build a house?
Does VA pay for swimming pools?
Swimming Pools. Swimming pools are acceptable. Note: Grant funds cannot be used for spas, hot tubs, saunas, etc. Exception: The installation of spas or variations of swimming pools are acceptable if hydrotherapy is a prescribed treatment for the veteran, and medically required.
What property types are eligible for VA loans?
Single-family homes are the standard when pertaining to the VA Loan; however, many other types of housing can also win VA Loan approval, including condominiums, townhomes, modular homes, new construction and manufactured homes.
What are the requirements for a VA mortgage?
General VA loan requirements. While a VA mortgage’s qualifying requirements are more relaxed than those for a conventional loan, an applicant still needs to have decent credit and sufficient income to buy a home. And the home being financed must serve as the primary residence.
How can you get approved for a VA loan?
Make sure you are eligible for a VA loan. Check the VA website for a detailed list of eligibility requirements for military service members,veterans,and military spouses.
What are VA home loan eligibility requirements?
You may be eligible for a VA loan by meeting one or more of the following requirements: You have served 90 consecutive days of active service during wartime, OR You have served 181 days of active service during peacetime, OR You have 6 years of service in the National Guard or Reserves, OR You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.