VA Home Loans: What are MPRs?


[music] John Belll, III
VA Home Loan Guaranty Service: MPRs are Minimum Property
Requirements. They are the legal requirement that VA has to make
sure that when a Veteran and their family move into a home,
that that home is safe, sound, and sanitary. Those requirements
range anywhere from peeling paint to holes in the wall to
exposed electrical outlets. They just ensure that the
property is quality and sound and you don’t have to have those
worries when you move into a VA home.>>Text: Why does VA require home appraisals? VA cares about Veterans. And VA
not only wants the Veteran to have a quality loan product, but
as well as a quality home when they move in. And to try to take
those worries off a Veteran so that they can worry about
spending time with their family, instead of worrying about
whether or not, you know, the faucet’s going to explode on
them or other things.>>Text: How is the VA home loan product different? The VA loan process should not
differ at all from the other loan products. An appraiser
still does the appraisal, a review is still completed of
that appraisal to ensure its accuracy. At this point in time,
there are very little differences between the
timeliness of any other loan product in VA. I will say that
the average close times right now are between 20 and 30
business days. And if you take into account the appraisal
process, the appraisal process is anywhere between 12 and 14
business days.>>Text: Why choose a VA home loan? I’ve personally used the VA loan
three times in my life and, to be honest, I’m about to use it
again. It has continually saved me money. It’s afforded me
options for my family that I would not otherwise had in the
marketplace. It is the only no-down-payment loan out there.
And not only is it the only no-down-payment loan, the fees
and the charges for a VA loan are considerably less than our
counterparts. And we have looked at statistics that show that
VA loans save Veterans money. So why wouldn’t you?>>Text: TO LEARN MORE ABOUT VA’S HOME LOAN GUARANTY PROGRAM, VISIT www.benefits.va.gov/homeloans
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