- What closing costs do sellers pay on a VA loan?
- How does a VA loan affect the seller?
- Who pays for the termite inspection on a VA loan?
- Can a seller refuse to accept a VA loan?
- Do termite inspectors come inside?
- How old can a termite inspection be on a VA loan?
- Can a borrower pay for a VA appraisal?
- Why do sellers hate VA loans?
- Can VA buyer pay for termite repairs?
- What are the inspection requirements for a VA loan?
- Who orders the termite inspection?
- What fees are required to be paid by the seller on a VA loan?
- How much does a VA pest inspection cost?
- Can the buyer pay for a termite inspection on a VA loan?
- Is the seller required to pay closing costs on a VA loan?
What closing costs do sellers pay on a VA loan?
VA buyers can ask the seller to pay for — or share — some or all of your closing costs, including discount points, the VA appraisal, credit report, state and local taxes and recording fees.
You also may ask a seller to pay other closing-related expenses, up to a limit of 4% of the loan amount..
How does a VA loan affect the seller?
Those costs must be paid by someone and often the buyer asks you, the seller to pay for them. VA loans do allow for sellers to pay up to 4.00 percent of the sales price of the home toward buyer’s closing costs. … Other than closing costs, VA loans are like any other mortgage program.
Who pays for the termite inspection on a VA loan?
Buyers can choose to pay for an inspection if the seller declines to provide one or offers one that they find questionable. However, there’s no guessing about who will foot the bill for a VA termite inspection. When a VA loan is being used, the seller always pays for this vital inspection.
Can a seller refuse to accept a VA loan?
VA mortgage loans also come with minimum property requirements that can end up forcing home sellers to make many repairs. Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency’s mortgages.
Do termite inspectors come inside?
A normal termite inspection takes about 45 minutes and involves check in the inside and outside of the home. Inspectors check for obvious things like wood damage and mud tubes but there are many other areas that need careful inspection. … Also on the exterior, they will check for wood to soil contact.
How old can a termite inspection be on a VA loan?
When Do VA Termite Inspection Reports Expire? This answer depends on the lender and the actual report. Many lenders state the termite inspection expires after 30 days. But, OVM Financial allows a pest inspection to be up to 90 days old (unless the form has an actual expiration date on it).
Can a borrower pay for a VA appraisal?
It’s perfectly acceptable under VA rules for the buyer to request a new appraisal and agree to pay for it; however, it is not permitted to charge the borrower if the lender or seller wants this work done. … The borrower must get value for the services he or she pays for in connection with a VA home loan.
Why do sellers hate VA loans?
VA loans come with red tape, appraisal delays and fees borne by sellers instead of buyers — all reasons offers are being rejected, agents say. In addition, real estate agents and veterans say, some sellers reject offers because of misconceptions about the VA program.
Can VA buyer pay for termite repairs?
While paying for the inspection is off the table in most states, VA buyers everywhere may be able to pay for termite treatment. Some lenders, including Veterans United, allow buyers to cover repairs in some cases, even with issues noted on the Notice of Value.
What are the inspection requirements for a VA loan?
Home Inspections and VA Loans Home inspections aren’t required for VA loans, but they’re of significant value for homebuyers.
Who orders the termite inspection?
A termite inspection is usually ordered at some point during the course of a home sale. In some areas of the country, the seller orders an inspection before the home is offered for sale. In other regions, the buyers order an inspection after they successfully negotiate a purchase agreement with the seller.
What fees are required to be paid by the seller on a VA loan?
Note: We require that a seller can’t pay more than 4% of the total home loan in seller’s concessions. But this rule only covers some closing costs, including the VA funding fee. The rule doesn’t cover loan discount points.
How much does a VA pest inspection cost?
Paying for Pest Inspections When Buying with a VA Loan As Terminix points out, pest inspections are fairly affordable. When they’re being done for a real estate transaction, pest inspections generally cost between $50 and $150. However, buyers using a VA loan don’t have to worry about the expense.
Can the buyer pay for a termite inspection on a VA loan?
According to the VA, “A wood destroying insect inspection is required in low-rise and high-rise units only when the fee appraiser observes a potential problem.” … On a VA purchase loan, borrowers in all but nine states are not allowed to pay the pest inspection fee. VA borrowers can pay this fee on any VA refinance loan.
Is the seller required to pay closing costs on a VA loan?
The VA has no cap on how much a home seller can contribute toward a buyer’s loan-related closing costs, so you can certainly ask the homeowner to cover all of it. In addition, a seller can pay up to 4 percent of the loan amount, but sellers are under no obligation to pay anything.