Question: What Does A VA Home Inspector Look For?

Do VA home loans require an inspection

The VA loan program requires a VA appraisal (often called a VA home inspection), but a standard home inspection is optional..

What do VA home loan inspectors look for

A home inspection (that the borrower arranges and pays for independently of a VA appraisal) will have the inspector taking a much closer and in-depth look at the roof than a VA appraiser would. There must be no evidence of leaks, excessive moisture, loose shingles, or other problems.

Why do sellers hate VA loans

VA mortgage loans also come with minimum property requirements that can end up forcing home sellers to make many repairs. Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency’s mortgages.

Who pays closing costs on a VA loan

The VA has no cap on how much a home seller can contribute toward a buyer’s loan-related closing costs, so you can certainly ask the homeowner to cover all of it. In addition, a seller can pay up to 4 percent of the loan amount, but sellers are under no obligation to pay anything.

What does the VA inspector look at

VA appraisers will look at the property’s interior and exterior and assess the overall condition. They’ll also recommend any obvious repairs needed to make the home meet the MPRs. Remember, this isn’t a home inspection, and the VA doesn’t guarantee the home is free of defects.

How strict are VA appraisals

How tough are VA appraisal guidelines? Any appraisal will help a lender determine a property’s value. But VA appraisals go beyond conventional appraisals by incorporating a second function: ensuring that homes meet the VA’s Minimum Property Requirements (MPRs). Veterans need homes in good repair, not dicey money pits.

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.

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.

What inspections does a VA loan require

Home Inspections and VA Loans Home inspections aren’t required for VA loans, but they’re of significant value for homebuyers.

Are VA Home Inspectors picky

Agents say the appraisers sometimes don’t meet VA guidelines that say appraisals should be completed within 14 days in Washington state. VA home inspectors can be overly picky as well, they say.

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.

Are VA loans harder to close

The short answer is “no.” It’s true VA loans were once harder to close — but that’s ancient history. Today, you’re likely to have roughly the same issues with a buyer who has this sort of mortgage as any other. And VA’s flexible guidelines may be the only reason your buyer can purchase your home.

How long does it take to close on a VA loan

40 to 50 daysMost VA loans close in 40 to 50 days, which is standard for the mortgage industry regardless of the type of financing. In fact, dig into the numbers a bit and you don’t find much difference between VA and conventional loans. Let’s review five key factors that could affect the timeline of a VA loan purchase.

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.

Can a VA loan be denied

A loan can be denied by the automated underwriting system for any number of reasons. It could be that something was input wrong. … In any case, VA loans offer a lot of flexibility and options. Just because you are unable to get an automated underwriting approval doesn’t mean you are not eligible for a VA guaranteed loan.