Tag Archives: VA appraisals
VA Loan Reader Questions: Minimum Property Requirements
May 14, 2012 
Joe Wallace 
A reader asks, "I applied for a VA loan and the appraisal was done. The appraisal came back higher than the loan ($30,000 higher), but the lender says I have to make minor repairs to my house before I can proceed with the loan. My question is why do I have to make these repairs when the VA makes loans for home renovations ?"
An entire chapter of the VA Lender's Handbook is dedicated to what the Department of Veterans Affairs calls Minimum Property Requirements. These requirements are listed to help VA appraisers know what homes should be approved for VA guaranteed mortgages as-is, which need corrections or repairs before the loan can be approved, and which homes should not be considered for VA mortgages.
VA Loan Reader Questions: Refinancing Rules For Divorced, Non-Veteran Borrowers
A reader asks, "My sister is a cosigner on a VA loan based on her husbands eligibility. She is now divorced and the house was given to her in the divorce agreement. She received part of her husband's retirement, since they were married 33+ years. Her ex-husband signed a quitclaim relinquishing all rights to the house."
"She is responsible for the payments according to the divorce agreement and there has never been a late payment on the loan. She has never remarried...My sister wants to do a Streamline and wants to know if the quitclaim signed by her ex will be a problem. If so, is there a remedy to the situation so she can get a VA refinance?"
VA Loans: What Happens If the Borrower Dies?
A reader asks, "What happens to a VA loan when the veteran dies and the spouse is not on the loan?" The Department of Veterans Affairs official site addresses this question directly in a section called Post-Loan Frequently Asked Questions. According to the VA, this is common enough question to warrant inclusion in its FAQ:
"Q: If a veteran dies before the loan is paid off, will the VA guaranty pay off the balance of the loan?
VA Appraisal Questions: What Kind of Electrical Systems Are Acceptable?
One type of frequently asked question about the VA appraisal process involves what's considered acceptable to VA appraisers when it comes to older homes. For example, does the VA allow homes with older electrical systems to be approved for VA guaranteed mortgages? How does the VA appraiser determine what's acceptable when it comes to fuse-style panels or similar, older systems?
When it comes to specific types of electrical panels, the Department of Veterans Affairs does not specify makes, model numbers, or issue rules about dates of manufacture. Instead, the VA defers to state or local law.
VA Loan Reader Question: Waiver of Seasoning Period For Chapter 7 Bankruptcy?
A recent reader comment with the subject line, "Waiver of two year wait for bankruptcy" includes the following:
"I have had two VA loans and never had a foreclosure or missed payments. I have a Chapter 7 bankruptcy discharged Dec 12, 2010. My mortgage was included in the bankruptcy but I continued to make the payments until I sold the house. I want to again purchase a house using the VA. I am retired military and social security with an annual income of $70K."
While there's no question directly asked here, it's implied that the reader seeks a waiver for the VA required minimum two-year waiting period following a foreclosure or Chapter 7 bankruptcy. However, VA loan rules do not provide any such waivers. Two years is the minimum waiting time required, and some lenders require an additional year at a minimum.
VA Loan Reader Questions: Why Can’t I Use My VA Home Loan Benefits?
A reader asked us recently, "I bought my first home using a VA loan. I was honorably discharged. I was approved for a two week early release and was told I would receive my full benefits. The home I’m living in now is through an FHA loan because I was told that I was not approved for a VA loan. I served two weeks shy of two years active duty and was approved for early release with the understanding I would receive my benefits. Is there anything I can do about this or was my time in the Navy for nothing?
The most important thing to understand about this particular question is that VA loan eligibility--the fact that a borrower is eligible to apply for a VA guaranteed home loan--is not the same as VA loan approval. Borrowers must submit to credit checks, employment verification and other qualifying measures in order to be approved for a VA mortgage loan.
VA loans 
Tags: military service, new home, occupancy, real estate, VA, VA application, VA appraisals, VA benefits, VA home loans, VA loan, VA loan application, VA loan eligibility VA Appraisal Rules: What’s The Deadline For a VA Appraisal?
We get many reader comments about VA home loans and are always happy to answer questions about the process. One common question involves the length of time it takes to get a VA appraisal done. Some borrowers want to know how long the process takes and whether the VA loan program has deadlines for getting the appraisal done in a timely manner.
Unfortunately there is no single answer to that question because the timelines vary depending on the state you live in. The same goes for another common question about VA appraisals. All borrowers want to know how much they'll pay for a VA appraisal, but the fees also vary depending on the state where the home is located.
VA Loan Appraisal Rules For Electrical Systems, High Voltage Lines
There are a variety of frequently asked questions about appraisals, and some of those questions involve the rules covering electrical systems, high voltage and related topics. Since not all homes sold are brand-new, borrowers are right to wonder what the rules might be for older homes.
How does a VA appraiser view the electrical panel in an older home, for example? What is acceptable to the appraiser? Can a home pass the appraisal with an older fuse-box style system?
VA Loan Questions: Rental Properties
A reader asks, "I see that commercial properties are not covered in VA loans. What if we intend on living in property while renting second part of house, i.e. a duplex?"
VA loan rules permit borrowers to purchase properties that have up to four units. Department of Veterans Affairs rules state that the borrower must sign a binding agreement to occupy the property as his or her primary residence, so there's no possibility of buying a multi-unit home as an investment property.
VA loans Tags: Department of Veterans Affairs, military service, new home, VA, VA application, VA appraisal, VA appraisals, VA benefits, VA loan rules, VA requirements Does The VA Lend Money For Renovations To Make Homes Accessible?
A reader asks, "We filed bankruptcy in 2010 due to medical bills. Both of us are on Social Security Disability. How does this affect our eligibility? Does the VA loan money to remodel a home to better fit our physical limitations?" When a VA borrower files bankruptcy there is a minimum two-year waiting period before the borrower can apply for a new VA loan. When borrowers do apply, there is no negative consequence for receiving government assistance--the borrower's income and credit data are reviewed to determine whether the borrower can realistically afford a VA mortgage loan.
