VA Home Loan Inspection Report

home loan inspection reportBuying a home is a major decision. It requires a lot of thought and diligence. When purchasing a home, a VA loan can be a great option. The VA will take steps to ensure the property is a good investment for you. One of the reports required by the VA in all situations is a home loan inspection report. It is often required by other mortgage lenders, also. There are several frequently asked questions many people have about home inspectors and the inspection process.

Who Completes a Home Loan Inspection Report?

A home loan inspection report is a very standard. It is completed by someone who is licensed and certified to complete such inspections. When it comes to providing these reports to the VA mortgage department, the licensed individual will need to be preapproved. This means they will be vetted by the VA. During the property inspection process, if the inspector notices something irregular that could require more analysis or review, they may hire an additional contractor to complete the review.

What Do Home Inspectors Look For?

When a home inspector starts a new inspection, they will largely be tasked with reviewing the overall condition of the home. This includes walking the interior and exterior of the home to notice any visible signs of decay or other issues. They are responsible for ensuring that the plumbing and electrical systems are working as well as possible. And, also, that all home appliances and other features are working well. The inspector will spend time looking at the roof, windows, and major mechanicals to determine what the average remaining useful life will be.

A home inspector could also spend time walking the property to ensure that it is up to code. They will make notes if there are obvious issues. For instance, a room addition that is not properly zoned. Or if there needs to be improvements to make the home safe.

What is in the Report?

After the inspection has been completed, the home inspector will issue a home loan inspection report for review by the borrower and the VA home loan provider. The report will include a summary of the overall condition of the home. Issues that were found in the home and a recommendations section. The recommendations section will outline all the areas that should be addressed, either before you buy the home or shortly after you buy the property. The report will also give a detailed breakdown of the expected costs to make any necessary repairs to the home.

How Can I Use the Report?

Once you have received the report and the recommendations, it can be used in several different ways. If the reports have a significant number of major repairs needed, it could put the entire approval process into question. In these situations, the seller will likely need to make the repairs before you are able to move forward. In situations with less significant repair costs, you will be able to use the report to potentially negotiate receiving a credit from the seller at close. If you do not receive a credit, it will at least act as a guide to use when budgeting the repair costs.

How Can A VA Loan Professional Help You?

va loan professionalThe Veteran’s Administration Guaranteed Home Loan Program has assisted countless military veterans. The program also helped active service members attain their imagine home ownership at economical rates. The application for a VA home loan needs added paperwork than conventional loans. For new house purchasers who don’t know the best ways, a VA Loan Professional from your location can help. They provide the understanding and experience to assist make the application procedure go smoother and simpler.

VA Loan Professional Assists with Documentation

A VA loan officer in the location can assist candidates get the documentation they need to fill the program’s demands. A Certificate of Eligibility serves to record your service record and qualifies you for the program. Making an application for a Certificate can be done online or by mail. If you have a problem getting your Certificate of Eligibility, a VA loan officer in the area can assist you.

Credit Verification

To be authorized for a VA house loan, applicants must offer a credit rating. The VA loan officer can guarantee that the upgraded credit record becomes a part of your application.

Home Appraisal

The VA program requires that a brand-new property appraisal be done on the house as part of the application process. An appraisal not just offers property market info on the property. It also makes sure that the home satisfies the minimum property requirements. Which are obligatory under the VA home mortgage program. If the appraisal shows that your home has issues that trigger it to be under the market price. The purchaser may need to work out for specific repairs. These actions can add more time to the application process.

Typically, the appraisal procedure only takes 10 days. Hold-ups commonly take place, so you need to plan for additional time for this step in your preparation. A VA loan officer in the area can assist to speed up the process so that you can receive approval for your loan in a prompt fashion.

Alerts of Loan Progress

One of the most essential advantages of working with a VA loan officer from the area is the personal contact. He ca keep you notified of the development of your application. If issues occur, the officer can signal you to them. Then you can act to remedy the scenario, if it remains in your power to do so. A regional VA loan officer can get rid of the needless waiting and frustration. These commonly occur during the application and approval process.

A VA loan professional from the area can offer extra assistance to help you browse the application procedure more quickly and with greater self-confidence. Talk with your local VA home loan officer when you start looking for your brand-new house.