VA and FHA Loans, Property Qualifications

[Sammie J. Bell]

What qualifies a property to be approved for an FHA or VA loan? My loan officer told me that it is up to the realtor to decide if a property qualifies for either. The buyer's realtor says that the property won't qualify for VA, my realtor says that it would. It only needs minor cosmetic repairs. Does anyone have any experience in purchasing VA or FHA properties? If so, can you shed some light on your experience?

[Austin Youmans]

It is really up to the underwriter but other than the basics such as 4 units or under everything really qualifies as you can do a 203k FHA loan to fix anything that is not cosmetic, although I think there Is a cap of how much rehab you can do. These loans are harder to push through and fall apart more often so some realtors don't want to deal with it and just look for cash buyers.

I don't know of any other regulations but someone please correct me if I am wrong.