What are the Restrictions on a VA Loan? There are a lot of different loan programs out there, but for veterans, current service, Reserve and Guard members and their families, VA home loans are the best option. Whether you’re looking for a VA loan or VA refinancing, the many benefits have been set up in order to best fit the needs of current and former service members and their families. That being said, there are some things that buyers need to be careful of. While VA loans are built specifically to serve your needs, there are some things that they can’t do. Many things that a buyer needs to be careful about are very basic, but they are things that are frequently overlooked. A VA loan cannot:
Guarantee a perfect building. There are a lot of homes out there that need more than a little love and a lot of paint. Older homes tend to be quite cheap, but they require a lot of care and maintenance to be comfortable for most people. A VA loan can’t protect you from buying a house that has defects or damage.
Inspect the building. However, the VA does conduct an appraisal of the property. An appraisal will give you a value for the home, but doesn’t get into the knitty-gritty of whether a structure is up to code or not. We recommend that you get an inspector that you trust to do a full inspection so that you can rest assured that you know everything you can about the home before you buy. This protects you, and protects your investment.
Order builders to fix things. The VA can’t tell a builder to correct problems or defects with the home. The inspector will bring these things to light, but it is your responsibility to seek expert advice on the condition of the home and on possible repairs before you buy the home.
Provide legal counsel. The VA can’t be involved in any legal actions regarding the loan. The buyer is responsible for keeping informed about their rights and responsibilities regarding new property purchases. If you’re worried about something, it’s always best to hire a lawyer or seek out an expert in property evaluation. Armed with these cautions, you should be able to take care of yourself when looking for a new home and getting a loan. Just remember that it’s always best to be very careful and to cover yourself by having as much of the very best advice you can get. A VA home loan can be one of the best decisions you make when purchasing a home. And when you’ve been in your home for a little while, you can use VA
refinancing to get a lower interest rate on your VA loan. When you do that, remember these cautions. Make sure that you have an inspector come and look at the building, and make sure that everything is right before moving forward with the purchase. Itâ€™s always better to take a little longer and know youâ€™re safe than to rush through and wish you hadnâ€™t. Photo Credit: Ayla87,