Helping South Carolina Veterans understand VA Loans – Part 2
VA Loans for Veterans are becoming more commonly used in our current market and has allowed many deserving Veterans a chance to own a home of their dreams in Charleston Real Estate Market. In the first part 1 of this blog, we discussed the basic (Items 1-5) appraisal guidelines a home must meet in order to meet VA Loan minimum approval qualifications. Here are the next 5 items
6th. Use of Space - The primary use of your property must be for residential use and must include enough area to accommodate reasonable useful areas for Sleeping, Cooking and Sanitary Needs, ie. Restroom/Shower etc.
7th. Crawl Space - If your home has a crawl space, it must be free of debris, allow adequate access and be able to properly vent. There must not be any excess moisture or areas where water will be allowed to pool or collect. Appraisers will inspect basements to ensure there are no leak issues as well as the foundation to ensure there are no costly repairs necessary to be made. This can become more common as houses settle over time as they begin to age.
8th. Drainage – Inspectors will often look for areas surrounding the home to ensure proper area and ground sloping to allow for drainage so that water doesn’t collect near the home or foundation in excess. Properly sloped lots will keep excess water from damaging the homes building and structural integrity over the long run.
9th. CL 100 Report - Near the top of the priority list for VA Appraisers is ensuring there are no active wood infestation / destroying insects such as Termites. They also look for damage caused from excess moisture, dry rot, mold and fungus growths. A CL-100 Report will in many cases be necessary in your area. It’s often required to have a transferable Termite Bond on your home to meet VA approval especially if there has been any current or past active issues.
10th Lead Based Paint – Pre 1978 properties may have lead based paint and therefore must be evaluated and in many cases corrected. Any surface with cracks must be property tended to by reviewing your Lead Based Paint correction guidelines in your area. It’s best to consult a professional to help remediate any Paint and provide necessary corrections in order to provide safety and meet the VA Approval guidelines set forth.
As you can see, there are many aspects to the VA Loan program that are often overlooked or just plain not discussed. Therefore, if you are a Veteran, it’s important to make sure that your Real Estate Agent (Realtor) is up to date and fully understands all the requirements a home must meet in order to become your new dream house. The VA Appraisal Guidelines are there to protect the Veteran. It’s highly recommended that you also obtain a home inspection from a qualified inspector as the Appraisal review is more of a general overview.
Want more info, looking to Sell or Buy a Home. Call/Text or Email me today.
Realtor – Brad Christensen | 843-991-2110 | Brad.Christensen@AgentOwnedRealty.com