- Why do sellers hate VA loans?
- Do lenders require termite inspections?
- Who orders the termite inspection?
- Does VA require a private road maintenance agreement?
- Is septic inspection required on VA loan?
- How much does a VA pest inspection cost?
- Can a VA buyer pay for termite repairs?
- Who pays for termite treatment on a VA loan?
- How long is a termite report good for on a VA loan?
- What fees are required to be paid by the seller on a VA loan?
- Can a VA buyer pay for a termite inspection?
- How old can a termite inspection be on a VA loan?
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..
Do lenders require termite inspections?
Homeowners are typically required to have termite inspections at the discretion of their insurance providers or lenders. Insurance providers — When most people purchase houses, they go through a lender. … But even if they don’t require homeowner’s insurance, most lenders still require inspections.
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.
Does VA require a private road maintenance agreement?
Each property must be provided with a safe and adequate pedestrian or vehicular access from a public or private street with an all-weather surface. Private roads must be: protected by a permanent easement, and • maintained by a homeowners association or joint maintenance agreement.
Is septic inspection required on VA loan?
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.
How much does a VA pest inspection cost?
Paying for Pest Inspections When Buying with a VA Loan As Terminix points out, pest inspections are fairly affordable. When they’re being done for a real estate transaction, pest inspections generally cost between $50 and $150. However, buyers using a VA loan don’t have to worry about the expense.
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.
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.
How long is a termite report good for on a VA loan?
for 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.
What fees are required to be paid by the seller on a VA loan?
Note: We require that a seller can’t pay more than 4% of the total home loan in seller’s concessions. But this rule only covers some closing costs, including the VA funding fee. The rule doesn’t cover loan discount points.
Can a VA buyer pay for a termite inspection?
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. VA borrowers can pay this fee on any VA refinance loan.
How old can a termite inspection be on a VA loan?
When Do VA Termite Inspection Reports Expire? This answer depends on the lender and the actual report. Many lenders state the termite inspection expires after 30 days. But, OVM Financial allows a pest inspection to be up to 90 days old (unless the form has an actual expiration date on it).