Our Question is VA loans and termite inspection/treatment!
We don't understand the termite inspection/treatment rules. Please explain. We were told that VA would not let us pay for treatment or inspection out of our own pocket if we chose a house that needed it done and was bank owned! Most of the homes we are looking at are foreclosures or short sales with very few regular sales. We really need your help in figuring this out. We have found several foreclosures we would love but were told VA won't allow this. We are relocating with the Air Force to Santa Maria, Ca in 2 months!!! Real soon. We need to buy a house pretty quick. We are already approved for our VA loan for up to 380,000.00. We greatly appreciate your response as soon as possible! Thank you so very much.Sincerely,Major Aaron Bilow and Penny Pittman Bilow by ajbilo_817_606 from San Antonio, Texas. Nov 16th 2011
Henry Daniels (HenryJDanielsNationalMortgage)
#11 ranked lender in Texas - 145 contributions
Than you for your Service Major. On the Termite Inspection is a VA requirement like the VA non-allowable Fees. I would work with a Termite company that will accept payment at closing. That way the Seller can pay this fee at closing. Sincerely,Henry J Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach"Educating you to make the right financial choices for your family today and tomorrow" Direct: (936) 228-1944 Fax: (832) 217-3033Blog: WoodlandsMortgageBank.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are many ways to accomplish this, but it's not that complicated. Va does not allow you to pay for termite or treatment, however the seller can pay for it, the listing agent can pay for it, even your own mortgage broker can pay for it... it's just you that cannot... If your looking at a property that is listed with VA as available financing, then they know about this rule... contact a local mortgage broker, not a bank, and apply with them.. they are very familiar with the current guidelines and conditions associated with VA financing. WilliamAcres.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
As William indicated, there are many ways to accomplish this. VA requires a termite inspection and if found, treatment. The inspection is a nominal fee and most termite inspectors will agree to accept payment at closing, because they understand how it works. The fee then gets paid by any party to the transaction EXCEPT the Veteran. If your agent is telling you that VA won't allow you to purchase a foreclosure, your agent is ill-informed. I have closed numerous VA foreclosures. If, however, the home has termite activity that needs to be mitigated, that may be a different issue. Banks say they will not pay for repairs and the home is offered AS-IS. But the truth is they want the home sold and off their books. I have convinced banks to Replace A/C units, Hot water heaters, broken windows, Damaged doors and many other items on homes where they initially said they wouldn't. It's all in having the right Mortgage Banker/Broker and Right Agent. Try to stay away from the Big Banks as your lender, many of their Originators are just order takers and don't have the expertise you need. Good luck and Thank you for your service.
Richard Woodward (RichardWoodward)
#37 ranked lender in Texas - 106 contributions
The VA does not prohit you from paying for a termite inspection. Whomever is telling you this is wrong.
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