What home Inspections does VA require?
VA home loans, like most mortgage loan transactions involving a “forward mortgage” or new purchase loan, require an appraisal. The VA appraisal process is sometimes referred to as an “inspection” even by those in the industry who should know better.
Do VA loans require a home inspection?
The VA appraisal is an assessment of the property’s value and condition by an independent VA appraiser. VA appraisals are required for every VA purchase loan. These are two different things and unlike the appraisal, a home inspection isn’t required when you’re buying a home.
Can VA buyers waive inspection?
Home Inspection Contingency VA loans do not require a home inspection, but most buyers choose to invest in this critical peace of mind. Buyers can walk away from the deal with their earnest money if they’re unable to agree with the seller regarding inspection-related issues.
Does VA require termite inspection?
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.
Are VA home Inspectors picky?
VA home inspectors can be overly picky as well, they say.
Can buyer pay for VA required repairs?
Can a Buyer Pay for VA Required Repairs? The reality is VA buyers can pay for home repairs needed to close a loan, even if they’re issues related to the VA’s Minimum Property Requirements. To be sure, if the VA appraisal indicates there are repairs needed, buyers should first ask the seller to cover these costs.
Does VA require Section 2 termite clearance?
The VA requires all Section 1 work to be completed. The VA allows the underwriter to make a judgement call for Section 2 work. Normally the rule is if the problem is a health or safety issue they need to call for the work to be done.
What are the requirements for a home inspector in Virginia?
Virginia Home Inspector Licensing Requirements: Professional Home Inspection Institute is approved to provide the required 70 hours of education needed for pre-licensing in VA. 35 hours are obtained by completing the Basic Home Inspection Course online.
Does VA loan require home inspection?
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. Some states do require an inspection for termites and other wood-destroying insects, but a property inspection reviews “the bones” of the property.
What does the VA Loan Home Inspection require?
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 Safe and sanitary sewage disposal
What is included in a standard home inspection?
Each Home Inspection includes a thorough examination of the following areas of the home: Exterior. Including siding, trim, flashings, paint, windows, deck, stoops, porches, walkways, railings, drainage, and garage doors. Many of these areas are susceptible to water intrusion and damage.