If the property you want to buy using a VA loan is in an area where the probability of termite infestation is rated as moderate to heavy or very heavy, the VA requires that the property be inspected by a termite control professional who meets all the requirements of the state where the property is located.
Keeping this in consideration, are VA Home Inspectors picky?
VA home inspectors can be overly picky as well, they say.
Thereof, 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 you have to pay closing cost with a VA loan?
One of the big benefits of VA loans is that sellers can pay all of your loan-related closing costs. Again, they’re not required to pay any of them, so this will always be a product of negotiation between buyer and seller.
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.
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.
What Does A Pest Inspection Entail? A pest inspection includes a search for bugs and other creatures that can cause damage to the structure of your property, a health hazard or both. One common structural concern is caused by termites that get their nutrients from the wood in your house.
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.