Using a VA Loan to Purchase a Foreclosure ......
Good Morning ,
So I'm currently browsing through some Foreclosed / REO properties in my area , of which some of these properties are in good areas and within my budget/What I can afford ( DTI wise )
My question is ..... Given that these are Foreclosed Properties ..... What KEY things do I need to look for , that may disqualify these ( or any property for that matter ), for qualifying and going the VA Loan route ?
I have heard that the VA Loans are the most restrictive, as far as a Property can have virtually " NOTHING " wrong with it, I'E. has to be in Liveable/move in condition as the property currently sits, in order for it to qualify.
Given this, What things will usually disqualify a property for getting approved for a VA loan ?
A lot of these properties I'm looking at, are mainly just outdated ( Fixtures, cabinets , older appliances ), needs carpet replaced, most have wall paper on the walls , needs an updated paint job both inside in out .
So not really things that make it un-liveable , but just mainly need updated
Which brings me to ...... If a house does have some rotten wood ( siding and trim around the windows and or doors , missing an appliance or two ( say there's no stove or dishwasher ) ...... If all that it needs is the forementioned , will the property NOT go VA ?
And is there anyway to still get a property that needs some things fixed on it via a VA loan , so long as the repairs are Under a certain amount .... $1,000 or less ? $5,000 or less ?
The FHA / HUD listed properties , shows ( Insured or Un-Insured ) next to a property , as well as a Report showing the property condition , as well as any repairs that are deemed " Mandatory " to be fixed . So when looking over these Property reports on HUD listed properties ( or any property for that matter ) , what things do I need to look for on these Reports , that I Know will disqualify a property from getting approved for a VA loan ?
Thanks so much, really appreciate the help and insight from those to have done VA loans and or know the inner workings of these Loans and what conditions a Property MUST meet in order to get approved.
Just trying to save myself the time and hassle, of finding a property I like ..... Only to find out it won't go VA loan, due to needing X Y or Z
Thanks again