Citizen Media Watch

december 19th, 2020

Va Road Maintenance Agreement Waiver

Posted by lotta

The example above is not so scary, but what if you find a home in a small community, on a rural road or on a gravel/dirt road? Often there is no link and there is no agreement for road maintenance. The expert should not recommend the repair of cosmetic items, objects with minor deferred maintenance or normal wear or objects that are not relevant to the general condition of the property. Small repairs should not be recommended, but the appraiser should consider these points when estimating the market value of the property in the overall assessment. Statements such as those in the VA Regulation show that a degree of flexibility is incorporated into the VA`s minimum feature standards. Sometimes a home that does not technically comply with mpR standards may benefit from a waiver. The Department of Veterans Affairs has the final say on all exceptions or exceptions to LAMR. Decisions are often made by the nearest branch or by the regional credit centre responsible. MRPs waivers generally do not require centralized verification or processing. In the event of repair problems, an individual or group of landowners can solve the problem. But what happens if the road breaks down or if, over time, it is neglected? Mortgage lenders and credit agencies want to make sure the roads stay passable. Fannie Mae`s traditional loans require that real estate on a private road have an ”appropriate, legally enforceable agreement, or a road maintenance agreement.” Fannie also says that here`s what to include in the recorded document: How to avoid this nightmarish scenario? Well, the only way to be absolutely critical in a post-TRID environment is communication! As a lender, you must make this call to the listing agent who presents himself, declare that it is VA financing and highlight any specific needs that the VA loan could engender. Inform these officers of private street requirements, parasitic inspection, water testing, minimum property requirements and anything else that can help your veterans be near their home. This has come a long way, especially for listing agents who are petrified by VA home loans.

Who knows, it could only create a new referral partner for you! It has happened to me more than once. What a feeling, isn`t it? You`ve done such a good job on this home loan going ”difficult” that listing agent starts firing you from customers because you made a ”hard” loan easy! These exceptions are granted only on a case-by-case basis.

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december 2020
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