Veterans and military members can use a VA loan to buy a property that relies on a private well or some other non-public water source. Connection to a public water system is not required. But lenders will need to verify the water meets health and safety requirements before you can close on the loan.
Thereof, can a seller refuse a VA loan?
And the idea that sellers have to pay closing costs for VA buyers is simply untrue. In short, there’s no reason a seller should reject your purchase offer simply because you’re using a VA loan.
Correspondingly, do VA loans require termite inspection?
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. Any property purchased with a VA (Veterans Affairs) loan must meet the VA’s minimum property requirements.
Does the VA require a well inspection?
Shared wells and cistern requirements
Certain types of community water sources, such as shared wells and cisterns, also need to pass the VA’s water inspection guidelines. A private well might be shared by multiple homeowners, but the VA will need to check up on its safety before approving a loan.
Does VA require well and septic inspections?
However, there are some tight timelines for VA loans, and home appraisals must be done by VA-approved appraisers who do much more than a regular appraiser would. The VA also requires pest inspections – something a lender doesn’t regularly do – and in some areas it requires well and septic inspections.
How long is a VA well test good for?
How long is a well test good for?
Q. How often should I have my well tested? Many state and federal authorities recommend having your water tested annually for coliform bacteria and nitrates. Other contaminants should be tested for at least once every five to ten years.
How much is a septic inspection in VA?
Cost depends on how extensive the septic inspection is as well as the size of the tank, which is usually either 1,000 or 1,500 gallons. But a basic septic system inspection typically runs between $300 to $600, says Boudreau.
Is it hard to pass a VA home inspection?
VA appraisal guidelines can be strict and can eliminate fixer-uppers from contention. Many of the guidelines can be frustrating for military buyers who are considering older homes in need of renovation. If a home fails to meet the MPRs the buyer will have to decide how they want to proceed.
What are the inspection requirements for a VA loan?
VA loan home requirements include:
- Working electric, heating and cooling systems.
- Adequate roofing that will last the foreseeable future.
- Sufficient in size for basic living necessities.
- Clean, continuous water supply with sanitary facilities.
- Free of lead-based paint.
- Free of wood destroying insects, fungus and dry rot.
What kind of water test does VA require?
Typically for FHA and VA loans this means testing for coliform, nitrates, nitrites, and lead. In some instances, local jurisdiction may only require a coliform test but it is always a good idea to test all to ensure the water is safe. Check with your loan officer to make sure what you need to tested for your location.
What will fail a VA inspection?
During the inspection, they’ll check for any wear and tear or issues that could cause the system to fail shortly after the sale goes through. If they determine that the system isn’t able to heat the house to at least 50 degrees Fahrenheit during the winter without issue, the house will fail the inspection.
Who pays for the water test on a VA loan?
The lender is responsible to have a test completed within 180 days. Prior to loan closing, the Veteran must acknowledge they accept responsibility to install a filtration system at their own cost to correct the issue should the water test fail.
Why do Realtors hate VA loans?
In some cases, home sellers won’t accept purchase offers backed by VA-guaranteed mortgages for fear of low appraisal value. … Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency’s mortgages.