DID YOU KNOW WITH A VA LOAN THE LENDER HAS TO APPROVE THE HOME?
An important difference to know between a VA and conventional loan is that the bank not only must approve the buyer, but it must also approve the future home of the buyer.
With a VA loan there is more than a bank appraisal, there's also a bank inspection tied into the appraisal. (It's important to note here too that this inspection does not replace a regular home inspection.) Safety is the main key factor with VA inspections. Here are a few items that we've seen come up in a VA (and/or FHA) inspection report:
The roof must have 5-years of life remaining.
If there is an automatic garage door opener there must be working sensors. If sensors can't be repaired or added, the garage door opener will need to be removed for inspection.
In an electrical box double tapping a breaker is not allowed. A double tap occurs when two wires are connected to a circuit breaker that is only designed to accept one wire.
Walls must be free from significant holes (if you can put your fist in it, that's considered significant).
There must not be any rotten wood noticeable.
There can not be any chipping paint.
The home must be free of any termites or wood destroying pests. (VA dictates a professional termite inspector must be used, but can not be paid for by the borrower. It must be paid for by the seller. Cost is usually around $100)
If there is a septic system, the septic tank and drain field must be marked on the survey. Before a survey is done a septic company must come out, stake and directly mark on the ground where each are.
If you are a home buyer with a VA (or FHA) loan when choosing your future home choose wisely. While touring the property if you see something that looks questionable don't assume it's going to be OK or think the inspector won't see it. You don't want to spend your hard earned money going through the home buying process and then not be able to close because it won't pass inspection. Those inspections and surveys cost money you won't get back. And sellers if you are in an area where VA (and FHA) loans are common, make sure your home will pass the inspection to avoid problems and limiting your pool of buyers.
If you are interested in learning more about VA loan inspections you can find out more here.
When choosing a real estate agent to represent you, make sure you are choosing one (or two!) that has YOUR best interest in mind. #geigerteam #soldbygeiger
Contact The Geiger Team, Realtors you can trust, at 321.831.9193.