- Who orders the termite inspection?
- What will fail a VA appraisal?
- Is a VA loan really worth it?
- Can you buy a fixer upper with VA loan?
- How long is a termite inspection good for VA loan?
- Do VA appraisals usually come in low?
- Who pays for the home inspection on a VA loan?
- Why do sellers hate VA loans?
- Do VA appraisers lowball?
- Who pays for termite treatment on a VA loan?
- What are the inspection requirements for a VA loan?
- What can disqualify you from a VA loan?
- What does a VA loan require the seller to pay?
- What states require termite inspections for VA loans?
Who orders the termite inspection?
A termite inspection is usually ordered at some point during the course of a home sale.
In some areas of the country, the seller orders an inspection before the home is offered for sale.
In other regions, the buyers order an inspection after they successfully negotiate a purchase agreement with the seller..
What will fail a VA appraisal?
VA appraisers will check that there aren’t any holes in the roof that can lead to leaks and other defects. If left unchecked, these shortcomings can have a huge impact on the value of a home, often leaving homebuyers in a bind if small problems snowball into big ones as the house gets older.
Is a VA loan really worth it?
With no required down payment, no PMI, better rates, lower closing costs and more favorable approval for less-than-great credit profiles, VA loans are great. You’ll need to assess your current situation and your house-buying goals to see if the loan is the right fit.
Can you buy a fixer upper with VA loan?
You Can Get a VA Renovation Loan at the Same Time as Your Original Mortgage Loan – the two loans are bundled together so if you’re buying a fixer-upper home that needs immediate repairs or upgrades you have the funds to do so at the time of purchase.
How long is a termite inspection good for VA loan?
90 daysFor the purposes of closing the loan, the VA considers the Wood Destroying Insect Inspection and the PC-9 Form to be valid for 90 days. This 90 validity period only applies to closing a loan for VA Lending Purposes; it does not extend the warranty that the property is free from wood destroying insects to 90 days.
Do VA appraisals usually come in low?
VA appraisals are much like regular appraisals — an appraiser will come out to the house you’re looking to buy and establish its value. … If a VA appraisal comes in low, problems can occur. For example, a home on the market for $275,000 can get a VA offer with all $275,000 financed.
Who pays for the home inspection on a VA loan?
If you’re new to the VA loan process, you’ll learn you must pay both the initial appraisal and any required home inspection. Costs vary by location and home type, but the VA appraisal fee generally ranges between $300-$500. Homebuyers may ask the seller to repay this cost as part of your negotiations.
Why do sellers hate VA loans?
VA loans come with red tape, appraisal delays and fees borne by sellers instead of buyers — all reasons offers are being rejected, agents say. In addition, real estate agents and veterans say, some sellers reject offers because of misconceptions about the VA program.
Do VA appraisers lowball?
Sometimes the VA appraisal is lower than the asking price, and sometimes it is higher. … When the appraisal is lower than the asking price, it essentially means that the lender does not place a value on the home as high as the seller.
Who pays for termite treatment on a VA loan?
While the VA doesn’t specify who is responsible for paying for treatment of termite damage, some states and lenders require the seller to pay for repairs up to a certain dollar amount. The pest inspection is the only one the VA sometimes requires that the seller pay for.
What are the inspection requirements for a VA loan?
Home Inspections and VA Loans Home inspections aren’t required for VA loans, but they’re of significant value for homebuyers.
What can disqualify you from a VA loan?
Dishonorable Discharge Veteran status requires that service members are discharged or released from the military under conditions other than dishonorable. A veteran with a dishonorable discharge will not be eligible to participate in the VA Loan Guaranty program.
What does a VA loan require the seller to pay?
VA eligible borrowers can pay certain charges such as origination fees, appraisals, credit reports, title insurance, recording and other specific loan costs. … VA loans do allow for sellers to pay up to 4.00 percent of the sales price of the home toward buyer’s closing costs.
What states require termite inspections for VA loans?
VA lenders will often require an invoice that shows who paid for the termite inspection….The nine states where VA buyers can currently pay for a pest inspection are:Alabama.Arkansas.Arizona.California.Florida.Louisiana.Mississippi.Oklahoma.More items…