MPRs are Minimum Property Requirements. These are the legal requirement that requires Veterans Affairs to make sure that when a Veteran and their family move into a home, that that home is safe, sound, and sanitary. Those requirements range anywhere from peeling paint to holes in the wall to exposed electrical outlets.
These just ensure that the property is quality and sound and you don’t have to have those worries when you move into a VA home.
Why does VA require home appraisals?
The VA not only wants Veteran to have a quality loan product, but as well as a quality home when they move in. And to try to take those worries off a Veteran so that they can worry about spending time with their family, instead of worrying about whether or not, you know, the faucet’s going to explode on them or other things.
What are examples of Minimum Property Requirements?
Here’s a non-exhaustive list of MPRs. You can find a complete list here.
1. Accessible year-round, independent of your neighbor’s property.
2. Cleanable: there should be enough space between buildings for exterior upkeep.
3. A single piece of real estate with:
- At least 75% residential space
- A bathroom and space for living, sleeping, cooking, and dining
- Not more than 4 units sharing laundry, storage, utility room
- Separate shutoff for water main, sewer, gas and power
- Protected connections and proper maintenance agreement if water well is shared
- Safe and appropriately sized mechanical system in good condition and unexposed
- Detailed VA appraiser report for unvented gas fireplaces or fueled heaters
- Water supply (either city or well) is continuous and safe for drinking from the source with heater for hot water
- If water well is shared there must be enough water for all units at the same time
- Waste flows safely into septic or public sewer
4. The Roof is free of leaks and any repairs done consist of removing old shingles with 3 or more layers before replacing with new ones.
5. Attics and Crawl Spaces have natural ventilation, access, are free of debris and have enough room to make repairs to ductwork, electrical and plumbing.
6. Shared Walls separating semi-detached or row units have no gaps from foundation to roof.
7. Proper Drainage away from the structure and ground cover is stable.
8. The property cannot be within the easement of high voltage transmitters or gas or petroleum pipelines — if within 220 yards of a gas or petroleum pipeline, additional approval is needed.
9. The Structure is sound, clean and free of dry rot, decay, mold, fungus, peeling paint, broken windows, bad construction, poor craftsmanship, dampness, leaks, exposed wires, evidence of continuing settlement and termites and other pests.
10. Free of Hazards that can hurt the occupants or prevent them from using and enjoying the property. For more info contact a VA approved lender.
How is the VA home loan product different from other loans?
The VA loan process should not differ at all from the other loan products. An appraiser still does the appraisal, a review is still completed of that appraisal to ensure its accuracy. At this point in time, there are very little differences between the timeliness of any other loan product. The average close times right now are between 20 and 30 business days. And if you take into account the appraisal process, the appraisal process is anywhere between 12 and 14 business days.
Why choose a VA home loan?
Veterans can use VA loans many times over their lifetime. It will continually save Veterans money, and affords veterans options for their family they would not otherwise have in the marketplace. It is the only no-down-payment loan out there.
And not only is it the only no-down-payment loan, the fees and the charges for a VA loan are considerably less than other loan alternatives. Statistics that show that VA loans save Veterans money. So why shouldn’t you?
TO LEARN MORE ABOUT VA’S HOME LOAN GUARANTY PROGRAM, VISIT https://www.benefits.va.gov/homeloans.