Purpose
Attached is a copy of VA Pamphlet 26-7, Lender’s Handbook, Chapter 12, Minimum Property Requirements, which has been revised in its entirety.
Changes
Chapter 12 describes VA’s Minimum Property Requirements which have been established to protect the interests of Veterans, lenders, servicers and VA. Key changes include:
- Chapter 12, Topic 1 explains the differences between an appraisal and a home inspection.
- Chapter 12, Topic 8 covers appraisal requirements for properties located in a Special Flood Hazard Area.
- Chapter 12, Topic 15 emphasizes the importance of safe drinking water.
- Chapter 12, Topic 24 states that no value must be given to leased equipment including leased solar systems.
- Chapter 12, Topic 44 covers the processing of requests from Veterans for waivers of repair requirements.
This change is effective 90 days from the date of approval.
Additional Copies
Additional copies may be downloaded at https://benefits.va.gov/warms/...
Rescissions
Chapters 10-13 of the Lenders Handbook cover Construction and Valuation topics. All outstanding Circulars have been incorporated into the revised chapters. Once all four revised chapters are released, the outstanding Circulars will be rescinded.