If you’re in the market for a new home, you may be considering different loan options available to you. FHA, VA, and USDA loans are popular choices for homebuyers, but it’s important to understand the Minimum Property Requirements (MPRs) that must be met in order to use these loans for purchasing or refinancing a home.
GFI Outlets in Bathrooms and Kitchen Areas
Ground Fault Circuit Interrupter (GFCI) outlets are required in all areas where water is present to help prevent electrocution. This includes bathrooms, kitchens, and outdoor areas.
Roof with At Least 2 Years of Remaining Life
The roof must have at least 2 years of remaining life according to an inspection report. This ensures that the roof will not need to be replaced in the near future, which can be a significant expense.
No Chipped or Peeling Paint In or Out
Chipped or peeling paint can indicate lead-based paint, which is a health hazard, especially for children. To qualify for these loan programs, the home must be free of chipped or peeling paint inside and out.
Outbuildings Must Not Have Chipped or Peeling Paint
Outbuildings, such as sheds or garages, must also be free of chipped or peeling paint.
Stairs Must Have Railings and Porches Must Have Guard Rails if Higher Than 3 Steps
Stairs with more than three steps must have a sturdy handrail for safety. Porches that are higher than 30 inches above ground level must have guardrails to prevent falls.
No Holes in Walls, Floors in Good Condition
Walls and floors must be in good condition, without holes or other damage that could compromise the safety and stability of the home.
It’s important to understand that these are just some of the MPRs required for these loan programs. An appraisal by an FHA Rostered Appraiser is required to identify all MPRs are met if using this type of loan. It’s essential to work with a qualified loan officer who can guide you through the MPR requirements and ensure your loan application meets all the necessary guidelines. Contact one of our experienced loan officers today to learn more about our loan programs and get started on your journey towards homeownership. We’re here to help make your homebuying dreams a reality!