- Why do sellers hate VA loans?
- Does the seller have to pay for a termite inspection on a VA loan?
- What does a VA inspection look for?
- Does the VA pay for home inspections?
- Who pays for termite treatment on a VA loan?
- What can disqualify you from a VA loan?
- What is required for a VA home inspection?
- Does a VA loan require a septic inspection?
- What states require termite inspections for VA loans?
- How long is a termite inspection good for VA loan?
- Do VA appraisers lowball?
- Can a seller deny a VA loan?
- What will fail a VA appraisal?
- Who pays for VA inspection?
- What does the seller have to pay on a VA loan?
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..
Does the seller have to pay for a 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.
What does a VA inspection look for?
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.
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.
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 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 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 a VA loan require a septic inspection?
Technically, the VA doesn’t require a separate septic inspection. They do require the appraiser to evaluate the validity of the system, though, along with a few other important requirements.
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…
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 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 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.
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.