How nice does a property need to be for a VA or FHA loan?

[Cosette Trantow]

I know that there have to be inspections in order for me to be able to buy a house using an FHA or VA loan, but I’m wondering how this would affect being able to get a good deal. I know that the more reno that needs to be done, the better the deal, but 1. I don’t want to have to do too much on my first deal (multi family house hack), and 2. How much Reno would the underwriting in those loans allow me to have? Is there somewhere where I can find the specifics? Thank you for your help.