Who is responsible for termite inspection on a VA loan?
Basically, on a purchase, someone besides the Veteran must pay for the VA termite inspection. Typically, the seller pays the cost, but it may also be the listing agent, buyer’s agent, or even the lender (as long as the Veteran does not pay it.) Most termite inspection invoices range from $50 – $100.
Why do VA loans require termite inspection?
A termite inspection for a VA loan may uncover an existing infestation or damage from past infestations. It may also provide insight into conditions that could be vulnerable to pests.
Does the VA loan cover home inspection?
Does a VA Loan Require an Inspection? The VA loan program requires a VA appraisal (often called a VA home inspection), but a standard home inspection is optional. The VA appraisal provides a valuable service, but it doesn’t guarantee that the home is completely free of defects.
How long are termite inspections good for on VA loans?
90 days
For 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.
Who pays for VA inspection?
The lender hires the appraiser, but generally the buyer pays for the appraisal. VA appraisal costs vary by region. In the Northwest, fees might run $800 or more, while in the Midwest and the South, the cost might be closer to $450.
Do you have to pay closing cost with a VA loan?
When using a VA loan, the buyer, seller, and lender each pay different parts of the closing costs. The seller cannot pay more than 4% of the total home loan in closing costs. As the buyer, you’ll have to pay the VA funding fee, loan origination fee, loan discount points, the VA appraisal fee, title insurance, and more.
How much is a termite inspection for a VA loan?
VA pest inspections usually cost between $50-$200, but could be more if multiple tests are required.
Do VA appraisers lowball?
Sometimes the VA appraisal is lower than the asking price, and sometimes it is higher. The VA loan guaranty amount is based on whichever dollar amount is lower. 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 buyer pay for termite repairs?
While paying for the inspection is off the table in most states, VA buyers everywhere may be able to pay for termite treatment. Some lenders, including Veterans United, allow buyers to cover repairs in some cases, even with issues noted on the Notice of Value.
Why do Realtors hate VA loans?
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.
Is a home inspection a requirement for your VA loan?
The VA home inspection is required when the Department of Veterans Affairs helps you finance a home with a VA loan . The VA wants to make sure you get into a home that is going to be safe for you and function the way a house should. This is a very important part of the VA loan process.
What are the requirements for a termite inspection?
There are very few other requirements for becoming a termite inspector, however. A high school diploma or equivalent usually is sufficient to get your foot in the door, where you will learn most of the work on the job.
What does the VA Loan Home Inspection require?
The VA Loan Home Inspection Requirements. Before guaranteeing a loan, the United States Department of Veterans Affairs (VA home loans division) wants to ensure that the home you wish to sell or buy is a worthy investment. Part of ensuring this is by performing the VA home loan inspection. This mandatory inspection is an appraisal and visual inspection combined.
What is a proper termite inspection?
A termite inspection is a visual inspection of the readily accessible areas of a home for evidence of wood-destroying insects . The inspector will visually inspect the entire interior of a home (including accessing and entering any sub-space such as basements and crawlspaces) and exterior of the property.