Introduction
Greetings to all our readers! Are you a veteran or active military personnel looking to purchase a home? Or are you simply interested in VA loans? One aspect you need to be aware of when applying for a VA loan is the VA loan inspection. This article will provide you with detailed information on VA loan inspections and everything you need to know about them.
Buying a home can be a daunting process, especially for first-time buyers. However, for veterans and active military personnel, VA loans can be a viable option as they come with many benefits. One of these benefits includes the VA loan inspection, which ensures that the property meets VA guidelines and is in good condition.
Read on to learn more about VA loan inspections and what they entail.
What is a VA Loan Inspection?
A VA loan inspection is an inspection that is performed by a licensed and certified home inspector to determine the condition of a property that is being considered for purchase with a VA loan. The purpose of the inspection is to ensure that the property meets VA guidelines and is in good condition, safe, and sound.
It is important to note that a VA loan inspection is different from a home appraisal. A home appraisal is required by the lender to determine the value of the property, while a VA loan inspection is required by the VA to ensure that the property meets their guidelines for safety and health.
What Does a VA Loan Inspection Cover?
A VA loan inspection covers several areas of the property, including:
Area |
What is Inspected? |
|---|---|
Roofing |
Roof covering, flashing, and ventilation |
Electrical Systems |
Service entrance, main panel, branch circuits, and GFCI |
Plumbing Systems |
Water supply and drainage systems, faucet, and water heater |
Heating and Cooling Systems |
Heating and cooling equipment, ducts, and vents |
Foundation |
Structural integrity, ventilation, and drainage |
Walls |
Structural integrity, insulation, and ventilation |
Floors |
Structural integrity, insulation, and ventilation |
In addition to these areas, the inspection may also cover other items such as appliances, smoke detectors, and carbon monoxide detectors.
Who Pays for the VA Loan Inspection?
Typically, the buyer pays for the VA loan inspection. However, in some cases, the seller may agree to pay for the inspection as part of the negotiations. It is important to note that the VA loan inspection fee is not included in the VA funding fee, and it is paid by the buyer outside of closing costs.
What Happens if the Property Does Not Meet VA Guidelines?
If the property does not meet VA guidelines, the buyer has several options. They can ask the seller to make the necessary repairs, negotiate a lower price to cover the cost of repairs, or withdraw their offer and find another property.
How Long Does a VA Loan Inspection Take?
The length of a VA loan inspection can vary depending on the size and condition of the property. Generally, an inspection can take anywhere from 2 to 4 hours. However, the inspector may also need to return to the property if further inspections are necessary.
How Often is a VA Loan Inspection Required?
A VA loan inspection is required for each property that is being considered for purchase with a VA loan. If a buyer is purchasing multiple properties with a VA loan, an inspection is required for each property.
Is a VA Loan Inspection Required for Refinancing?
No, a VA loan inspection is not required for refinancing. However, if the property being refinanced has not had a VA loan inspection within the last 6 months, an inspection may be required.
FAQs
1. Can a VA loan inspection be waived?
No, a VA loan inspection cannot be waived. It is a requirement for all VA loans.
2. Can a buyer use the same inspector for the VA loan inspection and the home inspection?
Yes, a buyer can use the same inspector for both the VA loan inspection and the home inspection. However, it is important to ensure that the inspector is licensed and certified to perform VA loan inspections.
3. Can a VA loan inspection be performed before making an offer on a property?
Yes, a VA loan inspection can be performed before making an offer on a property. However, the inspection must be paid for by the buyer.
4. Can a buyer choose their own VA loan inspector?
Yes, a buyer can choose their own VA loan inspector. However, the inspector must be licensed and certified to perform VA loan inspections.
5. What happens if the VA loan inspection report is not available before closing?
If the VA loan inspection report is not available before closing, the closing may be delayed. It is important to ensure that the inspection is performed in a timely manner to avoid any delays.
6. Can a VA loan inspection be performed on a property that is not in the United States?
Yes, a VA loan inspection can be performed on a property that is not in the United States. However, the inspection must be performed by an inspector who is licensed and certified to perform VA loan inspections.
7. Can a seller refuse to make repairs based on the VA loan inspection?
Yes, a seller can refuse to make repairs based on the VA loan inspection. However, it may affect the buyer’s decision to purchase the property and may result in the seller having to find another buyer.
8. How much does a VA loan inspection cost?
The cost of a VA loan inspection can vary depending on the location and size of the property. Generally, the cost ranges from $300 to $500.
9. Can the VA loan inspection be done by an appraiser?
No, the VA loan inspection must be performed by a licensed and certified home inspector. An appraiser is only responsible for determining the value of the property.
10. How long is a VA loan inspection report valid?
A VA loan inspection report is valid for 6 months from the date of the inspection.
11. Can a VA loan inspection be performed on a property that is under construction?
Yes, a VA loan inspection can be performed on a property that is under construction. However, the inspector must ensure that the property meets VA guidelines at each stage of the construction process.
12. How can a buyer find a licensed and certified VA loan inspector?
A buyer can find a licensed and certified VA loan inspector by contacting their lender or searching online for certified VA loan inspectors in their area.
13. What happens if a property fails the VA loan inspection?
If a property fails the VA loan inspection, the buyer has several options. They can ask the seller to make the necessary repairs, negotiate a lower price to cover the cost of repairs, or withdraw their offer and find another property.
Conclusion
In conclusion, a VA loan inspection is an essential part of the home buying process for veterans and active military personnel. It ensures that the property meets VA guidelines and is in good condition, safe, and sound. Not only does it benefit the buyer but also the seller as it increases the value of the property.
If you are considering a VA loan, it is important to understand the VA loan inspection process and the role it plays in the home buying process. We hope that this article has provided you with all the information you need to know about VA loan inspections and how they work.
Remember, a VA loan is a great opportunity for veterans and active military personnel to own a home, so take advantage of it and make sure you are well-informed about the process.
Closing
We hope you found this article informative and helpful. Remember that the information provided is for educational purposes only and should not be considered legal or financial advice. If you have any questions or concerns, please consult a licensed professional.