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Question about VA Loan home inspections...
Posted on 8/6/12 at 2:11 pm
Posted on 8/6/12 at 2:11 pm
Anybody know under what circumstances a concrete block foundation is acceptable to get you approved when you are trying to get a VA Loan on a home?
I am looking at a house that is 55 years old, but the foundation looks immaculate as far as I can tell. Not sure if I should be worried about anything before I drop the $$$ to get the inspection done.
TIA!
I am looking at a house that is 55 years old, but the foundation looks immaculate as far as I can tell. Not sure if I should be worried about anything before I drop the $$$ to get the inspection done.
TIA!
5
Posted on 8/6/12 at 2:34 pm to DByrd2
The VA Loan requires an appraisal, but an inspection is up to you (as far as I know). I would highly recommend getting an inspection though, especially on a 55 year old house.
Posted on 8/6/12 at 2:38 pm to DByrd2
VA doesnt require a house inspection just and appraisal and a termite inspection.
Posted on 8/6/12 at 4:05 pm to hawkeye007
Oh really? Did not know that... Does it vary from state to state or is it a national standard for VA Loans? How much on average do termite inspections and home appraisals go for?
Posted on 8/6/12 at 4:16 pm to DByrd2
quote:
Does it vary from state to state
Not sure on that, but I just went through one and the appraisal was $425 (which will be part of closing costs covered by the seller) and I paid $390 for an inspection that came with a termite inspection as well. I think you can get just a termite inspection anywhere from $50 to $100.
Posted on 8/6/12 at 4:18 pm to DByrd2
VA rules apply nationwide appraisals run $400 and an inspection can vary between $200-300.
Posted on 8/6/12 at 5:10 pm to hawkeye007
Thanks hawkeye and flip! Big help... Definitely appreciated!
Posted on 8/6/12 at 5:44 pm to DByrd2
quote:
I drop the $$$ to get the inspection done.
Could be the best $ you spend in your life. I've read some horror stories on here. When I start that process of getting a home this time next year, I'll get an inspection.
Posted on 8/6/12 at 6:53 pm to wegotdatwood
Oh I will for sure get the inspection. I just wanted to see how inspectors felt about block foundations because all Ihave heard is that they usually dont feel too hot about it as far as passing them.
Posted on 8/6/12 at 9:27 pm to wegotdatwood
Oh I will for sure get the inspection. I just wanted to see how inspectors felt about block foundations because all Ihave heard is that they usually dont feel too hot about it as far as passing them.
Posted on 8/7/12 at 12:05 pm to DByrd2
This is not entirely true. I just did a va in december and the appraiser made the owner do several things before he would recommend the loan for approval. So it was still just an appraisal but went way beyond a typical appraisal IMO.
Examples include having the carpet stretched(even though we told him we were ripping it all out) having the porch banisters painted (even though we told him we were having it done) and having parts of the pool fence painted. Almost killed the deal.
Examples include having the carpet stretched(even though we told him we were ripping it all out) having the porch banisters painted (even though we told him we were having it done) and having parts of the pool fence painted. Almost killed the deal.
This post was edited on 8/7/12 at 12:08 pm
Posted on 8/7/12 at 4:46 pm to wegotdatwood
I believe 3.74 on a 30 yr loan
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