The VA home loan program is an incredible benefit for those who have served our country. This flexible financing option offers competitive interest rates and is one of only a few sources of no down payment home loans available today. Here’s something else you may not know: It’s designed to protect veterans by making sure the home they are purchasing meets certain standards.
The VA does this through an appraisal process. The goal is to ensure that veterans pay a fair price for their home and are purchasing a property that is structurally sound. There are generally two parts to VA appraisals:
The property’s value. A qualified appraiser will consider sales of similar properties in close proximity and the home’s size and features, among other factors, to estimate its value. The goal is to make sure a veteran doesn’t borrow more than their property is worth.
The property’s condition. Minimum Property Requirements are used to make sure the property being purchased meets certain standards, such as having a working furnace and a roof that’s structurally sound. These requirements aren’t meant to replace a home inspection. That’s always a good idea for any home purchase.
Have questions about a VA mortgage in Utah? We’re here to help you understand this great benefit designed for those who have served their country!