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Wi Vets Relocation Blog

VA Minimum Property Requirements for Southeast Wisconsin Veterans

2023 | Housing & Loan

If you’re a veteran looking to purchase a home in southeast Wisconsin using your VA benefits, you must meet certain Minimum Property Requirements (MPRs). These requirements are in place to ensure that the property you’re purchasing is safe, structurally sound, and free of health hazards.

Here’s a closer look at some of the major MPR issues you’ll need to be aware of:

  1. Residential properties only Only residential properties are eligible for VA financing. That means office buildings and storefronts are out of the question.
  2. Adequate living space The home must possess enough space for the basic functions of daily life. You should be set as long as your desired property has enough room for living, sleeping, and cooking.
  3. Usable and safe mechanical systems Electrical and plumbing systems must be safe and have some functional life remaining. Minor electrical glitches are no major problem, but an entire home with old knob-and-tube wiring could pose some challenges.
  4. Adequate heating The home’s heating system must be safe and keep a home’s temperature above 50 degrees Fahrenheit. Homes with permanently installed non-electric, non-vented fireplaces or space heaters may be eligible, provided the buyer signs a “hold harmless” agreement, and the unit meets applicable codes and has an approved oxygen depletion sensor. Homes that use wood-burning stoves as a primary heating source must also have a conventional heating system to maintain an adequate temperature.
  5. Water availability The home must have a safe water supply, a water heater, and a safe method of sewage disposal. Connection to a public water supply is only required if mandated by local codes or health authorities. Private wells and water supplies must meet local or federal water quality standards.
  6. Adequate roofing The roof must be in good shape and provide “reasonable future utility.” The VA doesn’t specify precisely how long a roof needs to last, but lenders may have a hard number, such as three or five years. Missing shingles or gaping holes will present a problem.
  7. Problem-free basements and crawl spaces Basements and crawl spaces must be dry, clear of debris, and properly vented. Any excessive dampness or pooling of water must be corrected. Leaky basements can be a deal breaker for many VA house hunters. Foundation leaks are common among older homes and can be expensive to correct.
  8. Property access All properties purchased with VA financing need safe access from the street. Homes need to have either private driveways or permanent easements to allow entry. Homes on shared or private roadways often require legal use and maintenance agreements.
  9. No health/safety hazards Nuclear waste, asbestos, and radon are huge red flags for VA appraisers. If these hazards are present, you may be required to have them removed before you can secure financing for the property.

By familiarizing yourself with these MPRs, you can target homes likely to clear the VA appraisal and avoid any surprises during the home-buying process. Additionally, working with a VA-experienced real estate agent can be extremely helpful in navigating these requirements and finding a home that meets your needs and budget.


You may want to take a look at the following related posts:

VA Loans and Student Loans for Military Personnel: What You Need to Know

Fannie Mae Family Opportunity Mortgages: A Lifeline for Veterans in Wisconsin

Buying Your First Home in Wisconsin? Here’s Why You Need an MRP


Moving to or within Wisconsin? START WITH MILITARY RELOCATION PROFESSIONAL

When military staff and their families relocate, the services of a Military Relocation Professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. 

Filed Under: Housing & Loan Tagged With: Home buying, VA loans, VA Minimum Property Requirements, Veterans, Wisconsin

The Tragedy Assistance Program for Survivors (TAPS): Providing Support to Those Who Have Lost a Military Loved One

2023 | Advocacy

History of TAPS

The Tragedy Assistance Program for Survivors (TAPS) is a nonprofit organization that was founded in 1994 by Bonnie Carroll. After her husband, Brigadier General Tom Carroll, died in an Army plane crash, Bonnie was left feeling lost and alone. She started TAPS to provide comfort, care, and support to others who had also lost a loved one serving in the military.

Impact of TAPS

Since its inception, TAPS has provided comfort and support to more than 100,000 surviving family members, loved ones, and caregivers of fallen military heroes. The organization has grown significantly over the years and now offers a wide range of programs and services to those who have lost a loved one in military service.

Tragedy Assistance Program for Survivors (TAPS) volunteer hugging a child.

TAPS Mission

The mission of TAPS is to provide compassionate care, support, and resources to all those grieving the death of a military loved one. The organization offers peer-based emotional support, grief and trauma resources, casework assistance, and connections to community-based care. TAPS also hosts a variety of programs and events to help survivors build peer connections, honor their loved ones, and cope with their grief.

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TAPS Programs

TAPS offers a variety of programs and services to support survivors of military loss, including:

  • National Military Survivor Seminar and Good Grief Camp: This program brings together surviving families from all over the country for a weekend of healing, hope, and support. Children and teens attend the Good Grief Camp, where they participate in age-appropriate activities to help them cope with their grief.
  • TAPS Peer Mentor Program: Survivors can connect with a trained TAPS peer mentor who has also experienced the loss of a military loved one. These mentors provide emotional support, guidance, and resources to those who are grieving.
  • TAPS Casework Assistance: Survivors can receive personalized assistance with benefits, entitlements, and claims related to the death of their loved one.
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TAPS in Wisconsin

Wisconsin is home to many military families who have lost a loved one in service. TAPS has a presence in Wisconsin and provides support and resources to surviving families in the state including a roundup of local events. Survivors can connect with TAPS through their website or by calling their toll-free helpline (800-959-TAPS (8277). TAPS also hosts five National Relay Routes to support survivors including a route that goes through Wisconsin this month.

TAPS has been a lifeline for many surviving military families since its founding in 1994. The organization provides essential emotional support, resources, and programs to help survivors cope with their grief and honor their loved ones. For those in Wisconsin who have lost a military loved one, TAPS is there to provide comfort and care in their time of need.


You may want to take a look at the following related posts:

Veterans Finding Employment Through VA’s Veteran Readiness and Employment (VR&E) Program

Wreaths Across America Day


Moving to or within Wisconsin? START WITH MILITARY RELOCATION PROFESSIONAL

When military staff and their families relocate, the services of a Military Relocation Professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. 

Filed Under: Advocacy Tagged With: casework assistance, emotional support, Good Grief Camp, grief support, military loss, peer support, survivor resources, TAPS, Tragedy Assistance Program for Survivors, Wisconsin military families

Empowering Veterans: The Work of Concerned Veterans for America Foundation in Wisconsin

2023 | Advocacy

As a nonprofit veterans organization, the Concerned Veterans for America Foundation (CVA) is dedicated to providing support and advocacy for veterans across the country. With a focus on free markets, limited government, and constitutional liberties, the CVA Foundation works to ensure that our nation’s veterans receive the care, support, and opportunities they deserve.

Founded in 2012, the CVA Foundation has been making a positive impact on the lives of veterans and their families for almost a decade. One of the ways they do this is by advocating for policies and legislation that support veterans’ access to quality healthcare, education, and employment. In Wisconsin, the CVA Foundation has been actively working to promote these goals and support the veteran community.

CVA Foundation’s Work in Wisconsin

The CVA Foundation has been making a difference for veterans in Wisconsin by advocating for policies and programs that improve access to healthcare, education, and job opportunities. Here are some examples of their work in Wisconsin:

Healthcare

One of the biggest challenges facing veterans in Wisconsin and across the country is access to quality healthcare. The CVA Foundation has been advocating for policies that increase access to care, including expanding the use of telehealth technology and reducing wait times for appointments. They have also been working to improve mental healthcare services for veterans, including increasing access to mental health professionals and providing support for veterans struggling with PTSD.

Education

The CVA Foundation recognizes the importance of education in helping veterans transition back to civilian life and pursue new career paths. They have been advocating for policies that expand educational opportunities for veterans, including expanding the GI Bill to cover vocational training and apprenticeships. They have also been working to increase access to education for veterans in rural areas, who may face additional barriers to accessing higher education.

Employment

Finding meaningful employment can be a significant challenge for veterans, particularly those who have recently transitioned out of the military. The CVA Foundation has been advocating for policies that support veterans’ job training and placement, including increasing funding for job training programs and expanding tax credits for employers who hire veterans. They have also been working to reduce licensing barriers for veterans, making it easier for them to transition into civilian careers.

The Concerned Veterans for America Foundation – Wisconsin is committed to empowering veterans and advocating for policies that improve their access to healthcare, education, and employment opportunities. Their work in Wisconsin has made a positive impact on the lives of veterans across the state, and they continue to be a leading voice for veterans’ issues. To learn more about the CVA Foundation and their work, visit their website today.


You may want to take a look at the following related posts:

My Vote Wisconsin

8 Reasons to Work With an MRP REALTOR®


Moving to or within Wisconsin? START WITH MILITARY RELOCATION PROFESSIONAL

When military staff and their families relocate, the services of a Military Relocation Professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. 

Filed Under: Advocacy Tagged With: Concerned Veterans for America Foundation, CVA Foundation, veteran support, Veterans, Wisconsin

Women Veteran Care at VA Milwaukee

2023 | Advocacy, Women Veterans

The United States Department of Veterans Affairs (VA) provides a range of benefits and services to veterans, including healthcare, education, and housing assistance. While these services are available to all veterans, the VA recognizes that the needs of women veterans may differ from those of their male counterparts. In Milwaukee, the VA is committed to providing specialized care and support to women veterans.

VA Milwaukee health care supports the health, welfare, and dignity of female Veterans and their families by ensuring equal access to timely, sensitive, and quality care. A Women Veterans Program Manager can help you get the services you need.

According to the VA, there are approximately 2 million women veterans in the United States. In Milwaukee, there are more than 3,000 women veterans who have served our country. These women may face unique challenges when seeking healthcare, employment, and other benefits, which is why the VA in Milwaukee has tailored its services to meet their needs.

Women’s Health Services

The VA in Milwaukee offers comprehensive healthcare services for women veterans, including gynecology, maternity care, and mental health support. The VA has also implemented a Women’s Health Clinic, staffed by a team of female healthcare providers who understand the unique health needs of women veterans. The Women’s Health Clinic offers a range of services, including breast cancer screening, pelvic exams, and contraception counseling.

The women’s health program offers women Veterans comprehensive care, including: 

  • Primary care
  • Gynecology
  • Maternity care, childbirth education classes, and postpartum support
  • Ultrasounds and mammograms
  • Mental health care and counseling
  • Lifestyle wellness services

Employment and Education

In addition to healthcare, the VA in Milwaukee provides support to women veterans who are seeking employment or pursuing education. The VA offers a variety of programs and resources to help women veterans transition from military service to civilian life, including job training and education benefits. The VA also partners with local organizations to provide job fairs and other career-related events specifically for women veterans.

Advocacy and Outreach

Finally, the VA in Milwaukee is committed to advocating for women veterans and raising awareness of their unique needs and challenges. The VA has implemented outreach programs to connect women veterans with the services and benefits they are entitled to, as well as to educate the public about the contributions of women in the military. The VA also provides support to women veterans who may be experiencing homelessness or struggling with mental health issues.

Conclusion

Women veterans in Milwaukee have made significant contributions to our country, and it’s important that they receive the support and care they deserve. The VA in Milwaukee has taken steps to address the unique needs of women veterans, offering specialized healthcare services, employment and education support, and advocacy and outreach. If you’re a woman veteran in Milwaukee, don’t hesitate to reach out to the VA to learn more about the services and benefits available to you.


You may want to take a look at the following related posts:

VA Loans and Student Loans for Military Personnel: What You Need to Know

Women Veteran Care at VA Milwaukee


Moving to or within Wisconsin? START WITH MILITARY RELOCATION PROFESSIONAL

When military staff and their families relocate, the services of a Military Relocation Professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. 

Filed Under: Advocacy, Women Veterans Tagged With: advocacy, Education benefits, Employment support, Mental health support, Milwaukee VA, Outreach, VA healthcare, women veterans, Women's Health Clinic, Women's health services

What You Need to Know About the VA Appraisal Process for Southeast Wisconsin Veterans

2023 | Housing & Loan

VA Appraisal process for Southeast Wisconsin veterans - yellow house with American flag

If you are a veteran located in Southeast Wisconsin and planning to purchase a home using a VA loan, once you’re under contract to purchase a home, the real work starts for your lending team. One of the first steps for your lender is ordering a VA appraisal on the property.

What is a VA Appraisal?

The VA appraisal is an independent VA appraiser’s assessment of the property’s value and condition. VA appraisals are required for every VA purchase loan. But don’t mistake the appraisal for a home inspection, which provides a more in-depth review of the home’s physical condition.

What is a Home Inspection?

It’s important to know that these are two different things, and unlike the appraisal, a home inspection isn’t required when buying a home. But many buyers choose to invest in one. In Southeast Wisconsin, your Military Relocation Professional (MRP) will be able to suggest qualified inspectors and help guide you through the inspection process.

The VA Appraisal Process

If you’re satisfied with the inspection and still want to move forward with the purchase, then you’ll move on to having the lender order the VA appraisal. At that point, your loan team will send a request to the VA, and they’ll assign one of their independent appraisers to your area. It’s worth noting that the VA appraisal serves two purposes. The first is to ensure that the home is worth at least what you’ve offered to pay for it. The second is ensuring the property meets VA and lender guidelines.

Finding Comparable Homes

VA appraisers look for at least three homes similar in size, age, and location to the one you hope to buy. Finding good comps for unique properties like log cabins, A-frames, and homes on large acreage can be tricky. Lenders usually need at least one good recent comparable home sale to move forward on a loan.

Ensuring Safety

The VA appraisal also aims to ensure that homes meet value and are safe, structurally sound, and free of health hazards. In Southeast Wisconsin, VA appraisers will look at the property’s interior and exterior and assess the overall condition. They’ll also recommend any obvious repairs needed to make the home meet the Minimum Property Requirements (MPRs). Remember, this isn’t a home inspection, and the VA doesn’t guarantee that the house is free of defects.

VA appraisers will assess the following issues during the MPR inspection process: residential properties only; property must have adequate living space; mechanical systems must be usable and safe; heating must be sufficient; water availability; roofing must be adequate; basements and crawl spaces must be problem-free; property access; and no health/safety hazards. If you’re looking to purchase a home with VA financing in Southeast Wisconsin, it’s crucial to understand the MPRs before you start your house hunt. By knowing some of the red flags and working with a VA-experienced real estate agent, military buyers can target homes likely to clear the VA appraisal.


You may want to take a look at the following related posts:

VA Appraisals: Understanding the Tidewater Act and Reconsideration of Value (ROV)

VA Loans in Wisconsin: Maximize Your Investment Potential

Buying Your First Home in Wisconsin? Here’s Why You Need an MRP


Moving to or within Wisconsin? START WITH MILITARY RELOCATION PROFESSIONAL

When military staff and their families relocate, the services of a Military Relocation Professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. 

Filed Under: Housing & Loan Tagged With: Home buying, Real estate, Southeast Wisconsin veterans, VA appraisal process, VA Loan

VA / FHA Appraisal Process in Wisconsin: Is Your Home Ready?

2023 | Housing & Loan

A VA / FHA appraiser standing on a step ladder looking at the siding of a house.

Buying or selling a home can be a daunting process, and understanding the appraisal process is an essential part of that journey. The Veterans Affairs (VA) or Federal Housing Administration (FHA) appraisal process is a crucial step in the home buying or selling process, and it is important for both buyers and sellers in Wisconsin to understand how it works.

The VA / FHA appraisal process is designed to ensure that the property being purchased meets certain minimum standards. These standards are in place to protect both the buyer and the lender, as the lender wants to ensure that the property is worth the amount of money being borrowed.

Minimum Standards for VA / FHA Appraisals

The FHA has set minimum property standards for homes to be eligible for FHA-insured loans. These standards are designed to ensure that the property is safe, sanitary, and structurally sound. Some of the minimum standards for FHA appraisals include:

  • The property must be free of any health and safety hazards that could harm the occupants.
  • The roof must be in good condition and able to withstand typical weather conditions.
  • The foundation must be in good condition and not have any significant cracks or other damage.
  • The electrical, heating, and plumbing systems must be in good working order.
  • The property must have adequate drainage and be free of any water damage.

Typical Types of Repairs

If the property being appraised does not meet the minimum standards, the appraiser will provide a list of necessary repairs. These repairs must be made before the loan can be approved. Common repairs required by FHA appraisers include:

  • Repair or replacement of broken windows, doors, or screens.
  • Repair or replacement of leaky or damaged roofs.
  • Installation of smoke detectors and carbon monoxide detectors.
  • Repair or replacement of faulty electrical, heating, or plumbing systems.
  • Repair of any structural damage to the foundation or walls.

What is Not Required?

It is important to note that the FHA appraisal process does not require the property to be in perfect condition. The appraiser is not looking for cosmetic issues, such as chipped paint or stained carpet. Instead, the appraiser is primarily concerned with health and safety issues and major structural defects.

Similarities and Differences between VA / FHA Appraisal Processes

While the FHA and VA appraisal processes share many similarities, there are some key differences between the two. Like the FHA, the VA has set minimum property standards for homes to be eligible for VA loans. However, the VA also requires an inspection of the property’s mechanical and structural systems, which is not required by the FHA.

Also, the VA requires termite inspections in the following Wisconsin counties:

Wood-destroying insect information is required in the following counties:

  • Columbia
  • Crawford
  • Dane
  • Dodge
  • Grant
  • Green
  • Iowa
  • Jefferson
  • Kenosha
  • Lafayette
  • Milwaukee
  • Ozaukee
  • Racine
  • Richland
  • Rock
  • Sauk
  • Vernon
  • Walworth
  • Washington
  • Waukesha

Misconceptions About the VA / FHA Appraisal Process

One common misconception about the appraisal process is that the appraiser is working for the buyer or the seller. In reality, the appraiser is hired by the lender to provide an unbiased opinion of the value of the property.

Another common misconception is that the appraisal is the same as a home inspection. While the appraiser may note any health and safety issues, their primary focus is on the value of the property, not its condition.

Options for Buyers and Sellers if Repairs are Required

If the appraiser requires repairs before the loan can be approved, there are several options available to both the buyer and the seller.

The requirements for repairs on a VA or FHA loan depend on the lender and the type of loan you are applying for. VA buyers can pay for home repairs needed to close a loan, even if they’re issues related to the VA’s Minimum Property Requirements. On the other hand, FHA loans and other government-backed loans (like USDA and VA) might require an appraisal and repairs before you can get approved. If using a VA loan to buy a home, there are some lenders that required repairs that are specific to VA loans. Ultimately, the repairs must be completed before the closing for the loan to be approved.

The seller can choose to make the necessary repairs themselves, or they can offer the buyer a credit to cover the cost of the repairs. Alternatively, the buyer can choose to take on the responsibility of making the repairs themselves after closing.

Is a Conventional Loan Appraisal Significantly Easier?

Conventional loans are not insured or guaranteed by the federal government, unlike FHA and VA loans. Because of this, the appraisal process for a conventional loan can be somewhat different.

One significant difference is that the appraiser is not required to follow specific guidelines when appraising the property. Instead, the appraiser uses their professional judgment to determine the value of the property based on factors such as location, size, and condition.

While the appraisal requirements for conventional loans may be less stringent than those for FHA or VA loans, the lender may still require repairs to be made before the loan can be approved. The lender may also require a home inspection to be performed to ensure that the property is in good condition.

Another difference between conventional loans and FHA or VA loans is the down payment requirement. While FHA and VA loans may require a lower down payment, a conventional loan may require a down payment of 20% or more. However, there are conventional loan programs available that allow for a lower down payment, such as the Fannie Mae HomeReady and Freddie Mac Home Possible programs.

In general, the appraisal process for conventional loans can be less complicated than that for FHA or VA loans. However, it is still important for buyers and sellers to understand the appraisal process and the potential requirements for repairs or inspections. Working with a knowledgeable real estate agent or loan officer can help ensure that the process goes smoothly and that all parties are satisfied with the outcome.

You may want to take a look at the following related posts:

VA Appraisals: Understanding the Tidewater Act and Reconsideration of Value (ROV)

VA Loans and Student Loans For Military Personnel: What You Need To Know

Buying Your First Home in Wisconsin? Here’s Why You Need an MRP

Filed Under: Housing & Loan Tagged With: FHA appraisal, FHA appraisal process, VA appraisal, VA appraisal process, VA home loans, Wisconsin home appraisal

Veterans Finding Employment Through VA’s Veteran Readiness and Employment (VR&E) Program

2023 | Career

Group of veterans sitting in a row holding resumes and searching for work.

Veterans who have a service-connected disability that limits their ability to work or prevents them from working can find employment through VA’s Veteran Readiness and Employment (VR&E) program. The VR&E program provides services such as job training, education, employment accommodations, resume development, and job seeking skills coaching.

To qualify for the VR&E program, veterans must have a service-connected disability rating of at least 10%. The VR&E program can help veterans with job training and finding employment that accommodates their disability.

You can find more information about the VR&E program on the VA website.

Additional Wisconsin Resources

The Wisconsin Department of Veterans Affairs has a page dedicated to employment resources for veterans. They provide resources for employers who are seeking skilled and talented veterans to join their workforce . The WDVA is dedicated to assisting veterans in transitioning to a civilian career .

The Job Center of Wisconsin also has a page dedicated to employment for veterans. They provide resources such as apprenticeships, hands-on career training, education and a paycheck plus your GI Bill benefits .

Success Stories – Vocational Rehabilitation and Employment.” U.S. Department of Veterans Affairs,

Veterans Finding Employment Through VA’s Veteran Readiness and Employment (VR&E) Program.”

Employment.” Wisconsin Department of Veterans Affairs

Employment for Veterans – Job Center of Wisconsin

You may want to take a look at the following related posts:

Mission Wisconsin: Connecting Veterans with Employers in Wisconsin

Wisconsin Military and Veteran Educational Benefits

Buying Your First Home in Wisconsin? Here’s Why You Need an MRP


Moving to or within Wisconsin? START WITH MILITARY RELOCATION PROFESSIONAL

When military staff and their families relocate, the services of a Military Relocation Professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. 

Filed Under: Career Tagged With: employment, Job training, VA benefits, Veteran Readiness and Employment, Veterans, VR&E program

8 Reasons to Work With an MRP REALTOR®

2023 | Housing & Loan, Military Relocation Professional, REALTOR®

REALTORS® are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. When you’re buying a home, here’s what an agent who’s an MRP REALTOR® can do for you.

  1. MRP REALTORs® are certified to work with current and former military service members. MRP REALTORs have additional training to help their clients find the housing solutions that best suit their needs and take full advantage of the military benefits and supports that are available. 
  2. Act as an expert guide.
    Buying a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. A knowledgeable real estate agent will know what’s required in your market, helping you avoid delays and costly mistakes. Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.
  3. Offer objective information and opinions.
    A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more.
  4. Give you expanded search power.
    You want access to the full range of opportunities. Using a cooperative system called the multiple listing service, your agent can help you evaluate all active listings that meet your criteria, alert you to listings soon to come on the market, and provide data on recent sales. Your agent can also save you time by helping you winnow away properties that are still appearing on public sites but are no longer on the market..
  5. Stand in your corner during negotiations.
    There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs and allows you to do due diligence before you’re bound to the purchase.
  6. Ensure an up-to-date experience.
    Most people buy only a few homes in a lifetime, usually with quite a few years between purchases. Even if you’ve bought a home before, laws and regulations change. Real estate practitioners may handle hundreds or thousands of transactions over the course of their career.
  7. Be your rock during emotional moments.
    A home is so much more than four walls and a roof. And for most buyers, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you when emotions threaten to sink an otherwise sound transaction.
  8. Provide fair and ethical treatment.
    When you’re interviewing agents, ask if they’re a REALTOR®, a member of the National Association of REALTORS®. Every member must adhere to the REALTOR® Code of Ethics, which is based on professionalism, serving the interests of clients, and protecting the public.

Working with an MRP REALTOR® can provide a variety of benefits when buying a home, from having an expert guide to offering objective information and opinions, giving you expanded search power, standing in your corner during negotiations, ensuring an up-to-date experience, and being a rock during emotional moments. Additionally, choosing a REALTOR® who subscribes to the Code of Ethics of the National Association of REALTORS® ensures fair and ethical treatment. Working with a knowledgeable, certified real estate agent can make all the difference in finding the perfect home and making a successful purchase. Ready to get started?


Filed Under: Housing & Loan, Military Relocation Professional, REALTOR® Tagged With: Housing solutions, Military Relocation Professional, MRP certification, Real estate professionals, Servicemembers, Veterans

VA Appraisals: Understanding the Tidewater Act and Reconsideration of Value (ROV)

2023 | Housing & Loan

As a veteran or a military service member, one of the benefits you may be entitled to is a VA home loan. VA loans offer several advantages, such as no down payment requirements, lower interest rates, and easier credit qualifications. However, the property you want to purchase must pass a VA appraisal before obtaining a VA loan. 

Let’s look at VA appraisals, the Tidewater Act, and the Reconsideration of Value (ROV) process.

VA Appraisals

A VA appraisal is a valuation of a property conducted by a VA-approved appraiser. The appraisal aims to ensure that the property meets the VA’s minimum property requirements and is worth the loan amount. The VA appraisal process is more stringent than conventional appraisals and includes a thorough examination of the property’s condition and value.

Tidewater Act

Suppose the VA appraiser determines that the estimated value of the property is less than the agreed-upon purchase price. In that case, the Tidewater Act comes into play. The Tidewater Act is a provision that allows the appraiser to notify the lender and the borrower that the appraised value is likely to be lower than the purchase price. The notification is intended to give the borrower and lender the opportunity to provide additional information that may affect the property’s value.

The Tidewater Act requires the appraiser to notify the lender and the borrower within two business days of the determination that the appraised value is likely to be lower than the purchase price. The notification must include a statement that the borrower has the right to provide additional information to the appraiser that may affect the appraised value. The borrower must provide any additional information within five business days of receiving the notification.

Reconsideration of Value (ROV)

If the borrower provides additional information, the appraiser will review the information and determine whether it affects the appraised value. If the appraiser determines that the additional information changes the appraised value, the appraiser will issue a new appraisal. Suppose the appraiser determines that the additional information does not affect the appraised value. In that case, the appraiser will issue a statement of no change.

If the appraiser issues a statement of no change, the borrower may request a Reconsideration of Value (ROV). An ROV is a formal request for the appraiser to reconsider the appraised value based on additional information or documentation that was not considered in the original appraisal. The ROV must be submitted within 30 days of the original appraisal report.

The appraiser will review the additional information provided in the ROV and issue a final determination. If the appraiser determines that the additional information affects the appraised value, the appraiser will issue a new appraisal. If the appraiser determines that the additional information does not affect the appraised value, the appraiser will issue a statement of no change.

Conclusion

VA appraisals are an essential part of the VA home loan process. The Tidewater Act and Reconsideration of Value processes provide opportunities for borrowers and lenders to address potential discrepancies in appraised value. As a borrower, it is essential to understand your rights and options regarding VA appraisals and work closely with your lender and appraiser to ensure a successful home loan process.

References:

  • United States Department of Veterans Affairs. (2021). Tidewater Initiative. Retrieved from https://www.benefits.va.gov/homeloans/apptidewater.asp
  • United States Department of Veterans Affairs. (2021). Reconsideration of Value. Retrieved from https://www.benef

Filed Under: Housing & Loan Tagged With: ROV, Tidewater Act, VA Appraisals, VA loans

VA Loans in Wisconsin: Maximize Your Investment Potential

2023 | Housing & Loan, Investment

The VA home loan is a mortgage loan program designed to help veterans, active-duty service members, and their eligible surviving spouses buy, build, or improve a home. However, many veterans wonder if they can use the VA home loan to invest in real estate.

The short answer is yes, but some limitations and requirements must be met. Let’s explore the rules and regulations governing using VA home loans for real estate investing.

VA Home Loan Eligibility Requirements

First, it’s essential to understand that the VA home loan program is intended for personal, owner-occupied homes. According to the VA, the program’s primary purpose is to “provide home financing to eligible veterans in areas where private financing is not generally available.”

The VA also stipulates that the property financed with a VA home loan must be the borrower’s primary residence. The VA loan cannot be used to purchase investment properties, vacation homes, or rental properties.

Advantages of Using a VA Home Loan for Real Estate Investing

However, a potential loophole may allow veterans to use the VA home loan for real estate investing. The VA will enable borrowers to purchase multi-unit properties, such as duplexes, triplexes, and fourplexes, with VA loans as long as they plan to occupy one of the units as their primary residence.

For example, a veteran could purchase a fourplex with a VA loan and live in one unit while renting out the other three units. This strategy can be an excellent way for veterans to start building their real estate investment portfolio while still taking advantage of the VA home loan program.

Understanding Multi-Unit Properties

Another important consideration is the VA’s occupancy requirement. Borrowers must occupy the property within 60 days of closing and maintain occupancy for at least one year. This means that veterans cannot purchase a multi-unit property, live in it for 60 days, and then rent out all units.

Additionally, the VA has strict guidelines regarding multi-unit properties’ appraisal and inspection processes. The property must meet specific standards for safety, soundness, and livability. The VA also requires that each unit be individually metered for electricity and gas.

It’s also worth noting that the VA home loan program has certain limitations on how much financing can be provided. In 2022, the maximum amount that can be borrowed with a VA loan is $1.5 million. Still, this amount can vary depending on the property’s location and other factors.

While the VA home loan program is primarily designed for personal, owner-occupied homes, some options exist for veterans who want to use the program for real estate investing. By purchasing a multi-unit property and living in one of the units, veterans can start building their investment portfolio while still taking advantage of the benefits of the VA home loan program. However, it’s essential to understand and follow the VA’s guidelines and requirements to ensure a successful investment strategy.

Sources:

  • “About VA Loan Limits.” VA.gov, U.S. Department of Veterans Affairs, https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/about-va-loan-limits/
  • “Loan Basics.” VA.gov, U.S. Department of Veterans Affairs, https://www.va.gov/housing-assistance/home-loans/loan-basics/
  • “VA Loans and Investment Property.” Veterans United Network, Veterans United Home Loans, https://www.veteransunited.com/education/library/va-loans-and-investment-property/

Filed Under: Housing & Loan, Investment Tagged With: Military Homebuyers, Real Estate Investment, VA Loan

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