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As such, “any chipping, cracking, scaling, peeling or loose paint is considered to be a defective paint condition. This is an MPR (not cosmetic) repair… Surfaces with peeling paint will likely need to be repaired by the seller before your VA loan can close.
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assume that a defective paint condition (involving cracking, scaling, chipping, peeling, or loose paint) on any interior or exterior surface of properties built prior to 1978 involves lead-based paint… the property is eligible for a VA loan if the lender provides.
VA requirements for such corrections include specific instructions on how to proceed. "The surface requiring treatment must be thoroughly washed, scraped, wire brushed or otherwise cleaned to remove all cracking, scaling, peeling, chipping and loose paint." The area must be repainted with "two coats of a suitable non leaded paint.”.
Lead-based paint: Peeling paint at any pre-1978 house is assumed to be lead-based and must be scraped and repainted Distressed properties can have a hard time living up to MPRs. Foreclosures and short sale properties may not have been properly maintained by previous owners, and bank-owned properties are frequently sold “as is,” with zero tolerance for repairs.
Either way, the peeling paint will have to be taken care of. If the home you're buying is listed by a reputable real estate agent, they should have warned the seller about the peeling paint issue in case a borrower came along using a government loan ( VA or FHA).