Quote:
Originally Posted by shel90
One big con about VA loans is that they have very strict guidelines on the conditions of the houses and I am telling u from experience, the guidelines are VERY strict. Our lender almost didnt approve of this house cuz the paint outside was the wrong color so the seller had to repaint the base of the house just to meet the guidelines. VERY strict!
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Similar guideline as FHA. Strict as making sure house is up to code and up to date with age of house.
IE... Roof will need to be younger than 8 years (I believe so) to waive repair... painting issue is another one.
VA is very similar as FHA.
Difference is... VA no pmi, FHA high pmi with low interest.