![]() To qualify for VA loan financing, a home must meet all minimum property requirements set by the Department of Veterans Affairs. ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. Neither Mortgage Research Center nor ICB Solutions guarantees that you will be eligible for a loan through the VA loan program. ![]() By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. For a full list of these companies click here. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. of Veterans Affairs or any other government agency. Neither, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with the Dept. ICB Solutions partners with a private company, Mortgage Research Center, LLC (NMLS #1907), that provides mortgage information and connects homebuyers with lenders. is a product of ICB Solutions, a division of Neighbors Bank. See our list of Common Issues on FHA Assignments for is a ICB Solutions Network Website Veritas Appraisals and Consulting, LLC makes NO warranties as to the specific condition of a home that we appraise nor any potential defects.Īppraisals performed for the FHA or USDA have similar, but not duplicate requirements and a different handbook (HUD Handbook 4000.1). Owners, buyers and lenders are strongly encouraged to get a home inspection from a qualified home inspector. It is important to note that the appraiser's walk-though is NOT a home inspection and is NOT intended to reveal all possible defects in the home nor is the appraisal a check of "code compliance". land sloping TOWARDS the foundation instead of away) are reported on the appraisal and will need to be addressed by a qualified expert in most cases. īasement dampness / foundation cracks - while appraisers are not foundation experts and cannot detect all potential foundation issues, any obvious issues that the appraiser observes with the foundation, basement dampness or negative drainage on the outside (i.e. For this reason, at the time of the appraiser's walk-through of the property all utilities (including water and electric service) must be turned on. Utilities - VA requires that the appraiser observe that the mechanical systems of the home are functioning. There should be proper handrails if there are stairs where this could be a safety hazard.Įlectrical safety issues - While appraisers are NOT electricians, electrical issues that are commonly observed include missing plug/switch plates, exposed electrical wires in the living area, uncovered electrical panels, missing GFCI plugs near water sources (or GFCI circuit on the breaker, depending on local code) General safety issues - The house must not have any safety issues such as trip hazards, missing plumbing connections, unstable or dangerous structures, etc. ![]() Common areas this is seen are eaves, trim, lower edges of siding and around windows. ![]() Wood rot - The home must not have wood rot on the exterior that will allow for water to get into an exterior wall. Even if the home was built after 1978, the home should not have missing or damaged paint if it is needed to protect surfaces from water and weather. Peeling paint - Any home built before 1978 could potentially have lead-based paint and all painted surfaces (inside and outside) should be properly repaired with no peeling paint or paint chips. If you have questions about a specific assignment, please contact us. You are encouraged to review the VA Handbook, Chapter 12, for complete details which can be obtained from the VA or by clicking here. This list is not intended to be a complete list of ALL possible VA issues. Below is a sample of some of the more common issues we find when we visit properties for VA assignments. We are required to observe and report these issues on VA appraisals based on these requirements. Appraisals performed for loans backed by the VA (Veteran's Administration) require homes to be in a specific condition and have specific requirements (called "minimum property requirements").
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