Posts Tagged ‘ MPR ’

10 VA Appraisal Essentials for Agents

For years, VA loans have been dogged by reputation as bureaucratic, time-sucking black holes.

But some major pillars of the VA’s loan program have long been misunderstood or mischaracterized. Nowhere is that more true than the VA appraisal, a fair but stringent process that puts a premium on a veteran’s health and safety.

A VA appraisal is more thorough than a typical appraisal and mandates immediate repairs that need to be made in order to meet the agency’s Minimum Property Requirements (MPRs). Homes must be what the agency considers “move-in ready.”

Having an agent who knows the VA MPRs can certainly spare veterans time, heartache and money. The earlier a veteran understands the limitations and requirements, the sooner he or she can make a decision about whether to move forward with the property or to continue the home search.

Understanding the MPRs has also become increasingly important since the economic collapse flushed the housing market with foreclosures.

Here’s a look at 10 of the big-time MPRs:
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Posted by: Chris Birk on February 10th, 2012 under Financing, Mortgage and Home Loans

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