VA Loan Inspection Requirements
VA Loans are given by many private lenders such as savings and Loans, banks, mortgage companies, etc to veterans who are eligible for purchasing a home for their personal occupancy.
If you are the seller to an eligible veteran, your home will be subjected for inspection.
Getting a VA loan generally have a limit of up to $417,000 because the lender will be selling the VA loan in the secondary market that limits loan up to this amount. For the loans amounting to this one, qualified veterans can get no down payment financing. The maximum entitlement of a veteran is $36,000 but others can reach up to $104,250 and certain loans can be higher than $144,000. The lender will then loan 4 times of the available entitlement of the veteran with no down payment, provided that the income and the credit of the veteran is qualified and the property is also correctly appraised.
Advantages of the VA Financing
1. Equal opportunity given for all the qualified veterans to get a VA loan.
2. Unless the lender required a down payment or the price of purchased is greater than the appraised value of home, there is no required down payment.
3. The buyer is informed on the property’s reasonable value.
4. The interest rate is negotiable.
5. The closing costs may be lower or in comparable with the other kinds of financing.
6. You can finance the funding fee and reduce it with at least 5% down payment and the exemption of obtaining VA compensation.
7. There are no premiums for mortgage insurance.
8. There is the assumable mortgage.
9. Veterans have the right to pre-pay without subjecting to penalty.
Check List for Home Inspection
For the seller of home, you will be required to subject your home for inspection. The following will be inspected thoroughly:
- Broken windows
- Proper electricity
- Damage on the roof
The house or property must be safe and sound as well as clean too.
Requirements to Obtain VA Loan
- Contract: The veteran will be choosing a home and then discusses the purchase with the agent or the seller. He or she will be signing a purchasing contract to be approved by the VA lender.
- Application of loan: Veterans will choose the lender, then presents their Eligibility certificate, and completes the loan application.
- Loan decision: If all the documents and requirements are acceptable then the loan will be approved. The lender will be the one to decide this matter.
- Loan Closing: The veteran and his/her spouse will attend the closing of loan and then sign the mortgage, note, and other documents. The procedure can vary depending on the state the veteran chose to live.
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