The VA Loan Program is just one of the vast Benefits available for Veterans today. They are known as barrower friendly, low cost and very flexible. In recent years, they have also become more widely used and accepted in addition to traditional FHA and Conventional Loans. Once you have met with and decided upon a lender who can help you with your VA Loan and has provided you with a Good Faith Estimate, next step is to work with a Real Estate Agent (Realtor) in Charleston who is familiar with the VA Appraisal Guidelines. Not all homes will meet stringent VA guidelines. Below are a few of the things a VA Appraiser will look at and look for to help determine if the home you so desire will meet the guidelines.
1st. Residential Use - The primary use of your property must be for residential use. These include homes that you plan to live in. Commercial buildings, warehouses etc. generally do not meet the guideline requirements. Keep this in mind if you plan to work out of your home dedicate a large portion to the business.
2nd. Structural Integrity - The home must have reasonable utility use such as Electricity, working pluming, proper sewage drainage etc. The home must be in good repair and not have any major known issues noted on the seller’s disclosure statement.
3rd. Heating – The homes heating system must be in good working order and not in need of any major repair. Wood burning fireplaces are accepted, but a traditional heating source should also be available. Space heaters must be inspected by a licensed Contractor and meet building code requirements to be accepted.
4th. Roofing - The roof must be in good condition and be able to provide a reasonable period of time before repairs are necessary to be completed. Appraisers look closely to roofs with multiple layers of shingles to ensure a reasonable period of time remains on the current roof.
5th Water – There needs to be safe, continuous supply of drinking water to home, hot water and a system to allow drainage and disposal of sewage waste. The water supplied to the home must meet local water standards determined by local municipalities.
Part 2 - (Items 5-10) Coming next week. Visit www.ChalrestonPremierAgent.com for additional VA Benefit info.
Realtor – Brad Christensen | 843-991-2110 | Brad.Christensen@AgentOwnedRealty.com