Individuals who use VA home loans to buy their house may find that the requirements are stricter than the requirements necessary for a conventional home loan. The VA provides a strict set of guidelines that must be met before a VA loan will be approved. An appraiser must examine the property according to the VA guidelines and report all of their findings. The home will be evaluated for any type of safety and health concerns as well as any major repairs that haven't been made that could potentially be a major expense to the buyer down the road. Any findings that are in violation of VA standards are reported and must be repaired before closing on the home. This, of course, can cause the closing on the home to be delayed.
Such areas of the home that may be evaluated are the foundation, roof, septic system, electrical and heating system, etc. These aspects of the home are ones that often cause problems for approval. Appraisers will examine these areas of the home to ensure that they are in adequate condition and have several years of life left.
Although VA home loans have more rigid home requirements, using a VA loan is often worth the numerous other benefits that accompany it. With a VA loan over a conventional home loan comes a greater risk of delay in closing because of stricter guidelines, but this is only a small disadvantage in comparison to the numerous benefits, such as no down payment, lower interest rates, lower closing costs, etc.