VA Loan inspection requirements
Many agents and VA Loan applicants wonder what sort of necessary preconditions they must meet in order to satisfy VA Loan Inspection requirements. According to the article, Home Appraisals and Inspections for Your VA Loan (http://www.valoans.com/va_article.cfm?id=113), “When you apply for a VA mortgage, an appraisal/inspection of the home is a common requirement. In these cases, before your VA home loan can be finalized, both the VA and the buyer should know about the specific condition of the property whether it’s a brand new home or one that’s stood the test of time for many years. These inspections or appraisals do provide a valuable service, but they don’t act as a guarantee that the home is completely free of defects. As the buyer, you owe it to yourself to completely examine the property yourself before you commit to your VA mortgage. If a VA fee appraiser comes to an existing home and certifies it so you can move forward with your VA guaranteed home loan, there are plenty of areas you’ll need to inspect yourself. Did you know a fee appraiser doesn’t necessarily state whether the plumbing works properly or perform a roof inspection? Those are just two of the areas where ‘hidden’ problems could be lurking. In addition to less obvious problems, a VA fee appraiser isn’t obligated to recommend cosmetic repairs, and while the appraiser may be a trained observer, it’s not possible to find every potential problem. You’ll need to provide your own input on the condition of the property and make sure it’s up to your standards before signing the VA loan agreement. If it’s not, you’ll need to negotiate further before agreeing to purchase the property.”
VA Loans have other requirements besides the VA Appraisal which only deems a property “safe, sound, and sanitary.” A termite inspection is necessary with this loan also. Well testing or water testing is another component that is required, though checking with the lender of the VA loan will be necessary in order to clarify the types of water tests needed to satisfy their loan requirements. These test choices range from Bacteria/ecoli, Nitrates, Nitrites, Lead, Mercury, Cooper, Fluoride, and Arsenic which will test the potability of the water. You need to make sure you are using a water testing facility that is APA approved.
In speaking with Mrs. Simpson from the VA office in Indianapolis, she also encourages all VA loan approved applicants to get their own whole house inspection completed on the home they are purchasing with the VA loan. The inspection report will give a more detailed report on the home’s condition to the buyer. She states there is a big difference between what the VA Apraisal report and the inspection report from a home inspector. Make sure you hire a certified/licensed home inspector in the state of Indiana as it is a requirement that they carry such licensure in order to do business in this state; and as always, make sure you check with your VA Loan officer for any changes or specifics about your VA loan.