If you are using a VA (Veteran Affairs) loan to purchase a property or refinance an existing mortgage, the VA may require that the property have a termite inspection for the mortgage process. … These requirements are intended to ensure the buyer is purchasing a safe, sanitary and structurally sound property.
Similarly one may ask, can you get a VA loan with termite damage?
Termites. Termite-ridden homes must be treated and re-evaluated for VA loan approval. … And even if a pest inspection isn’t required in your state you’ll still have to have an inspection completed if the appraiser finds evidence of termites on the property.
Then, do conventional loans require termite inspection?
Do conventional mortgages require a termite inspection? Conventional loans are mortgages offered by lenders without a government guarantee. These lenders may make a termite inspection a condition of approving your loan because termite damage can reduce the value of the home and affect the amount you can borrow.
Do VA appraisers go on roof?
In addition, the FHA or VA appraisal will evaluate the roof (although they very rarely get on the roof to inspect), soil contamination, grading & drainage issues, water supply issues, private road access, chipped or peeling paint, attic insulation, foundation issues, mechanical or structural problems and safety hazards …
Does VA require home inspection?
VA Property Inspections
The first difference between a VA inspection and a VA appraisal is that an inspection is not a requirement for a VA loan. In fact, a property inspection isn’t a requirement on any home loan.
How long is a termite report good for on a VA loan?
Is termite inspection required in Virginia?
First of all, termite inspections are not a requirement by VA in all states, but the inspection must take place in states where termites are prevalent. The Southeast U.S. is a prime area for termites plus other wood-destroying pests.
What does a termite letter mean?
What is a termite bond letter?
This is a document that confirms a home for sale has been inspected for any signs of wood-destroying insects. The letter typically details type of infestation and damage found, recommended treatments and limits of the inspection conducted.
What is the difference between a termite letter and a bond?
Note: A bond is different from a “termite letter,” which is a statement that a house is or is not found free of termites upon inspection. What Are They Used For? A termite bond delivers peace of mind. If you have a termite infestation, you may worry that termites will return, even after successful control services.
What repairs does VA loan require?
If the total cost of repairs is $500 or less, the work shouldn’t be completed until an underwriter has conditionally approved the loan. If the total cost of repairs is greater than $500, the work shouldn’t be completed until the lender issues a clear to close on the loan.
Who pays for VA termite inspection?
VA Loan Termite Inspection Costs
VA borrowers aren’t allowed to pay for the inspection on a home purchase in all but nine states. Both home sellers and real estate agents have historically expressed concern over this limitation, which almost always results in the seller covering this cost.
Why do sellers hate VA loans?
Many sellers – and their real estate agents – don’t like VA loans because they believe these mortgages make it harder to close or more expensive for the seller.
Will a bank finance a house with termites?
Lenders will not fund a loan until they receive a statement from a licensed contractor and, if any structural damage does exist, proof that it has been repaired.