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Old 04-23-2012, 11:10 AM
womanvet2011 womanvet2011 is offline
 
Join Date: Jan 2011
State: California
Professional Status: General Public
Posts: 3
Default VA Loan and Repairs

Hello Members, This is my first time posting. I am a disabled woman veteran. I have never owned a home. I have been searching for over 18 months for a home that might qualify for what the realtor's have coined "VA Loanable". My question is this: will the VA Loan allow any repairs to the property? If there are $5,000.00 worth of repairs (dry rot, roof, etc), will any type of repairs kill the deal on a VA Loan? ~Woman Vet, Northern California
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Old 04-23-2012, 12:17 PM
Don Clark's Avatar
Don Clark Don Clark is offline
 
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Location: Virginia Beach, Virginia
State: Virginia
Professional Status: Certified Residential Appraiser
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Originally Posted by womanvet2011 View Post
Hello Members, This is my first time posting. I am a disabled woman veteran. I have never owned a home. I have been searching for over 18 months for a home that might qualify for what the realtor's have coined "VA Loanable". My question is this: will the VA Loan allow any repairs to the property? If there are $5,000.00 worth of repairs (dry rot, roof, etc), will any type of repairs kill the deal on a VA Loan? ~Woman Vet, Northern California
First, thank you for your service

VA has MPR's(Minimum Property Requirements). The MPR's are basically Safe, Sound and Sanitary. They are intended to protect the property that is to be used as collateral for the loan, and to protect you the Veteran from buying a property that may be unsafe, not sound, and not sanitary. This is also of course to protect your health as well as safety.

That said, with the market what it is today, in many parts of the country with excess inventory any seller should be willing to spend a few dollars to make sure you get a home that is safe, sound and sanitary. Repair requirements do not kill a deal, sellers might depending on the extent of the repairs. Make any contract you sign contingent on the property meeting the VA minimum property requirements, and if the seller is unwilling to make repairs, that all your money given as part of the contract be returned to you.
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  #3  
Old 04-23-2012, 12:42 PM
womanvet2011 womanvet2011 is offline
 
Join Date: Jan 2011
State: California
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Posts: 3
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Originally Posted by Don Clark View Post
First, thank you for your service

VA has MPR's(Minimum Property Requirements). The MPR's are basically Safe, Sound and Sanitary. They are intended to protect the property that is to be used as collateral for the loan, and to protect you the Veteran from buying a property that may be unsafe, not sound, and not sanitary. This is also of course to protect your health as well as safety.

That said, with the market what it is today, in many parts of the country with excess inventory any seller should be willing to spend a few dollars to make sure you get a home that is safe, sound and sanitary. Repair requirements do not kill a deal, sellers might depending on the extent of the repairs. Make any contract you sign contingent on the property meeting the VA minimum property requirements, and if the seller is unwilling to make repairs, that all your money given as part of the contract be returned to you.
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Thanks for responding! I am so frustrated I could scram! Most of the "sellers" are the Banks (REO) and they are loathe these days to fix anything! Greedy pigs! The realtors are extremely intimidated by the IDEA of a VA Loan, most have never processed one, or they claim to have "horrible" experiences with VA Loan appraisers! They claim the appriser calls out cosmetic repairs and when I tell them many small repairs can be "waived" they look at me like I am from another planet! Nope, just a veteran who knows how to APPEAL. Sorry for being so angry --but today I am headed to a Broker to talk about FHA 203 ad nauseum, meaning an FHA Loan will cost me 25% more than the VA Loan because the Lenders and Sellers and Realtors DO NOT seem to be working for the home buyer, veteran in No. Californa.
  #4  
Old 04-23-2012, 01:21 PM
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Don Clark Don Clark is offline
 
Join Date: Jan 2002
Location: Virginia Beach, Virginia
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 8,874
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Originally Posted by womanvet2011 View Post
x
x
x

Thanks for responding! I am so frustrated I could scram! Most of the "sellers" are the Banks (REO) and they are loathe these days to fix anything! Greedy pigs! The realtors are extremely intimidated by the IDEA of a VA Loan, most have never processed one, or they claim to have "horrible" experiences with VA Loan appraisers! They claim the appriser calls out cosmetic repairs and when I tell them many small repairs can be "waived" they look at me like I am from another planet! Nope, just a veteran who knows how to APPEAL. Sorry for being so angry --but today I am headed to a Broker to talk about FHA 203 ad nauseum, meaning an FHA Loan will cost me 25% more than the VA Loan because the Lenders and Sellers and Realtors DO NOT seem to be working for the home buyer, veteran in No. Californa.
Strange Here, the biggest part of the market right now are VA Loans. Good luck. Wish I could help more.
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  #5  
Old 04-23-2012, 01:36 PM
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Tom McDowell Tom McDowell is offline
 
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State: North Carolina
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Depending on you disability/rating you may be eligible for a $63,780 Specially Adapted Housing grant. Complete the form 26-4555 and submit it to your regional office to determine your eligability
  #6  
Old 04-24-2012, 10:27 AM
womanvet2011 womanvet2011 is offline
 
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State: California
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Met with the Broker again yesterday and discussed the FHA 203K, and decided that type or loan is not friendly to a veteran on a static, fixed income (compensation). What I really WANT, my heart's desire, is a tiny, well built house on 3 acres with a good, healthy well. I've waited this long for a home, might stay the corse! Renting is a better option, than getting suckered into a bad mortgage product. ~Woman Vet
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