Buying 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 VA 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 VA Home Loan Inspection Report?
A VA home loan mortgage 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 VA 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 VA 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 VA home loan inspection 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.