- What can disqualify you from a VA loan?
- Is it harder to buy a house with a VA loan?
- Do VA appraisals usually come in low?
- What is required for a VA home inspection?
- Does the VA pay for home inspections?
- What will fail a VA appraisal?
- Who pays for VA inspection?
- How long is a termite inspection good for VA loan?
- Is a pest inspection required for VA loans?
- Why do sellers hate VA loans?
- Do VA appraisers lowball?
- Can a seller deny a VA loan?
- What states require termite inspections for VA loans?
- What does the seller have to pay on a VA loan?
- Who pays for termite treatment on a VA loan?
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..
Is it harder to buy a house with a VA loan?
Should you be worried? 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.
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 is required for a VA home inspection?
These include chimney and fireplaces, water heaters, furnaces, air conditioning units, and septic systems if applicable. Roof and attic. In addition to inspecting the construction of the roof, your home inspector should check the framing, flashing and gutters, insulation, and ventilation. Electrical.
Does the VA pay for home inspections?
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.
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.
Who pays for VA inspection?
All parties may negotiate who pays which fees. A seller may offer to pay a portion of or all of the closing fees for the buyer. There are certain closing costs and fees that are customary for a buyer or seller to pay. For example, on a VA Loan it is customary for the seller to pay for a termite inspection.
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.
Is a pest inspection required for VA loans?
According to the VA, “A wood destroying insect inspection is required in low-rise and high-rise units only when the fee appraiser observes a potential problem.” … On a VA purchase loan, borrowers in all but nine states are not allowed to pay the pest inspection fee.
Why do sellers hate VA loans?
Home sellers, weary of the VA appraisal process, can be steered away from VA borrowers in some parts of the country, making it difficult for qualified veterans to use their hard-earned home loan benefits. Some sellers and agents think they can find better-qualified borrowers than those with VA loans.
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 seller deny a VA loan?
Before it guarantees mortgages, the VA wants to ensure homes that eligible veterans buy are safe and secure as well as worth their sale price. … Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency’s mortgages.
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…
What does the seller have to pay on a VA loan?
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.
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.