Home Buying in Austin>Question Details

Michael  Flo…, Real Estate Pro in Austin, TX

Can a person who is getting a VA loan only purchase a TURN KEY HOME?

Asked by Michael Floyd, Austin, TX Thu Mar 14, 2013

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Turn key...no. But if the appraiser puts it on their report, the VA is going to want it corrected, safety or not. Where this can get really sticky is a short-sale. The seller obviously isn't spending any money to fix the issue, but the VA wants it fixed prior to close. In my case, there was some relatively minor cosmetic issues and termite treatment that had to be completed. I paid for them myself (but did not highlight that fact for the VA) and the appraiser signed off and the deal went through. Sometimes the VA THINKS they're protecting the vet, but in fact they are seriously huring the vet. After 26 years of working for the gov't, I can tell you that's not uncommon in gov't!!
0 votes Thank Flag Link Sun Mar 24, 2013
It can be minor repairs but mostly they look for safety issues. If the sellers accept VA loan applications then it means they are prepared to fix anything that is needed to get the loan through.
Warm regards, larapavanelli.realtor@gmail.com 512-909-5807
0 votes Thank Flag Link Sun Mar 24, 2013
Yes, VA will not lend on less than habitable homes.
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Fri Mar 22, 2013
As it was stated VA is more picky about the appraisal and condition of the property. While the home does not necessarily need to be turnkey it will need to be in good repair or you may run into issues. Little things like minor wood rot outside the home will in most cases need to be addressed prior to full lender approval.

Hope this helps.

Don Groff
REALTOR® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
office: 512.669.5599 mobile: 512.633.4157
http://www.AustinListed.com | http://www.360LendingGroup.com
0 votes Thank Flag Link Fri Mar 15, 2013
Basically. VA isn't going to loan on anything that needs repairs.
0 votes Thank Flag Link Fri Mar 15, 2013
You can't buy a 'fixer upper' if any of the fixing up has to do with safety items.
Seller can repair those safety things.... You can fix up anything else after you buy the home.
So, no, it doesn't have to be totally 'turn-key'

Send me an email and I can share a realtor guide I put together about required repairs.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Fri Mar 15, 2013
Sorry, I just noticed you are a Realtor(?) as well. But the answer to your question is still no, depending on what you mean by a turn key home. Joe
0 votes Thank Flag Link Thu Mar 14, 2013
I actually just received a lead from my broker and the clients say that they must have a turn key home in order for their VA loan to work. I am confused as I have never heard of this before. I will try to call and have you help me out on this.
Flag Thu Mar 14, 2013
Do you mean that all appraiser required repairs must be completed prior to closing, the answer is generally yes.

Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes Thank Flag Link Thu Mar 14, 2013
Not sure exactly what you mean by a turn key home, but the answer generally is no. A VA loan can be used for just about any property to my knowledge. If you would like, feel free to give me a call anytime tomorrow after 11 AM and I will ask one of my VA lenders. I do have a couple of lenders who specialize in VA loans and I actually have a special deal I offer to current and former military as well If you do not yet have a Realtor. And thanks for your service… My whole family, except me is military.

Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012)
Call 512-261-4415
0 votes Thank Flag Link Thu Mar 14, 2013
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