馃攳
VA Home Loans: Minimum Property and Inspection Requirements - YouTube
Channel: Living in Western Washington
[0]
- Today, we're gonna be
talking all about VA loans,
[2]
and what makes the property
eligible for a VA loan,
[5]
and we're gonna get
started right after this.
[8]
(energetic music)
[15]
Hey, everyone, welcome back to my channel.
[17]
I'm Ledeana Strand with Homes By Strand
[19]
and RE/MAX Town and Country
in Port Orchard, Washington.
[22]
And again, if you're interested
[24]
in all things real estate
related in Kitsap County,
[26]
then you need to hit that
subscribe button down below
[29]
and that little bell icon to
be notified of my future videos
[33]
because I talk about a
lot of really cool stuff.
[35]
So today, we're gonna be
talking about VA loans.
[38]
Now, in a nutshell, if
you're getting a VA loan
[40]
because you're in the military
and you're eligible for it,
[42]
and therefore, get to put zero
down for your down payment.
[45]
Now, does every house
qualify for a VA loan?
[49]
No, it does not.
[50]
So let's go into detail
about how to determine
[52]
whether your home is
eligible for a VA loan.
[55]
In a nutshell, it has to
be safe, sound, and secure.
[58]
The house has to be move in ready.
[59]
It can not have a broken window.
[61]
It can not have a missing stove.
[62]
It can not have a nonworking furnace.
[64]
It has to be secure, meaning
people can't easily break in.
[68]
It means that it is structurally sound.
[69]
It is safe, it is clean.
[71]
It is not a fixer upper.
[73]
Now, the VA does not want to lend money
[74]
to their service members and put them
[76]
into homes that would be
unsanitary or not safe
[78]
just because it's a good deal,
[80]
and it would be a fixer-upper.
[82]
So if it has green shag carpeting
from the '70s that's okay.
[85]
That's a cosmetic thing
that you could fix.
[88]
But if it had the kitchen ripped out,
[90]
that's not gonna be livable,
[91]
and therefore, they will
not loan money on it.
[93]
The roof has to be intact
[94]
and have at least five years
of life remaining on the roof.
[97]
If it's on its last legs, that
it's got a 25-year-old roof,
[100]
they're gonna say that the roof needs
[102]
to be replaced in order for you
[103]
to get a loan on the property.
[104]
And now, if the seller
is willing to do that,
[106]
more power to you, but
not a lot of sellers
[109]
are gonna wanna spend eight,
nine, 10 grand on a new roof
[112]
and then move out three days later.
[114]
If you're looking at a
manufactured home or mobile homes,
[117]
it can be tricky.
[118]
The axles have to have been removed.
[120]
The wheels are not there, meaning
they can't just pick it up
[123]
and move it somewhere else,
[124]
and it has to be on a
permanent foundation.
[127]
But even then, it's going
to vary lender to lender.
[130]
Some lenders will do it,
other lenders will say no.
[133]
If you're looking at mobile
homes and manufactured homes,
[135]
you're gonna have to
make sure you're working
[137]
with a lender that would allow that
[138]
and that it's always on a
permanent foundation with straps.
[142]
Now, if you're looking at condos,
[143]
they have to be approved
developments by the VA.
[146]
So there is a website where
you can type in the name
[148]
of the community and find out
if it's allowed by the VA.
[151]
If they don't approve of
that particular subdivision,
[154]
they're not gonna give you
money to buy a condo in there.
[157]
The VA, also, will not
loan money for vacant land.
[160]
So you can not buy a parcel of land
[162]
and then build a house on it
[163]
or buy a manufactured
home and put it on there.
[166]
They won't, they won't
loan money for raw land.
[168]
So what properties are great for VA?
[170]
Well, new construction is awesome for VA.
[173]
That way we know there's not going
[174]
to be any problems or surprises.
[176]
If you're walking through the
house doing your inspection
[179]
and you find that the stove doesn't work,
[181]
the builders are gonna have to fix
[183]
or replace the stove prior to closing.
[185]
You're not gonna have to worry
about having any problems
[187]
with the house not being safe and secure.
[189]
If you're looking at homes
that are five to 10 years old,
[192]
you're probably gonna
be in pretty good shape.
[194]
So just make sure that the
homes you're looking at
[195]
are not total fixer-uppers.
[197]
Maybe that they have
a little cosmetic work
[199]
that needs to be done, but if
it's safe, sound, and secure,
[201]
go ahead and make an offer.
[203]
So now you know what type of properties
[205]
can qualify for a VA loan.
[206]
Now, if this is your
first time buying a house
[208]
and you've never used your
VA entitlement before,
[211]
go ahead and click the link down below.
[213]
I have a free download to my
ultimate home buyers guide,
[216]
which will go over what kind
of down payment is needed,
[218]
what kinda closing costs are needed,
[220]
and all that kinda good stuff.
[222]
You're welcome to download
that free of charge.
[224]
I also have great lenders that I work with
[226]
that specialize in VA loans.
[228]
I'd be happy to share with
you should you need one.
[230]
I specialize in working
with military families,
[232]
so if you're PCing to Kitsap County
[234]
and you want more information
[235]
just like the video you saw right now,
[237]
go ahead and hit that
subscribe button down below,
[239]
or if you have any questions,
reach out to me anytime.
[242]
Even if you're not in
the Kitsap County area,
[244]
I will get you in contact with
a great agent in your area.
[247]
Thank you so much for watching,
[248]
and I'll see you on the next one.
[249]
Make it a great home
buying and selling day.
Most Recent Videos:
You can go back to the homepage right here: Homepage