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FHA and VA Home loans - Santa Rosa, Ca - Inspection Reports

By Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages

Mortgage and Lending with FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage

October 12, 2009 07:01 AM

FHA and VA Home loans - Santa Rosa, CA - Inspection reports

I have to laugh. I just got asked if I actually know how to do loans because several of my last blogs have been about my geographic area and were not loan related. I've been originating loans for 18 years, many of them were FHA and VA loans, but I don't feel I need to go on and on about my field, when there are plenty of other interesting things to write about! I have seen many loan professionals in my industry with the amazing ability to crunch out pages of information and commentaries about home mortgages. I have the utmost respect for those peers, and will continue to learn from all of them. I however, would like to keep a variety of subjects within my blog.

I don't know about you, but, sometimes I feel like I'm overinundated with data that's coming at me from different sources. By the end of the day, I'm zonked by information that could either be important or obsolete. In an effort to simplify my own life and not over inundate you with information, I thought I would write quicktips on things that come across my desk that affect home loan closings. This week, we are going to talk about FHA and VA loans. Hopefully, these tips will add up to good basic information for realtors and consumers.

First on my list of quick tips: Inspection reports

FHA - recommends that the home buyer get a pest inspection report, but doesn't require it. If the appraiser notes anything on the appraisal that may call for an inspection, then the underwriter can ask for one to be done. All section 1 items and some section 2 items need to be cleared.
VA - requires inspection reports. All section 1 items and some section 2 items need to be cleared.
Bonus Tip: Conforming/non-government loans -inspection reports are required if stated in the purchase contract or noted by the appraisal due to obvious problems. I.E - a patio that shows wear and tear, bathroom with black mold on the walls. All section 1 items need to be cleared.

I hope these quick tips on FHA and VA Home loans- Inspection reports are helpful to you. Shortening this to "quick tips" will inspire me to write more often because I won't have to write so much! Hmm. Let's see what will come next? See you soon.

BTW- if you enjoy reading about new places, please feel free to see my last post on Sonoma County Wine Country. I'm going to keep writing about my area because I love it and want to share my experience! If you need help with a loan, please come by my website or drop me a line. I'm happy to help.

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Jim Frimmer

HomeSmart Realty West - San Diego, CA

Realtor & CDPE, Mission Valley specialist

I think it's interesting how things seem to be different between your area and down here. I haven't run into the situation where an appraiser of all people would call for a pest inspection. It sounds like your appraisers up there are doing what our home inspectors do down hee, i.e., note bathrooms with black mold on the walls.

Oct 12, 2009 11:31 AM

Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages

FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage - Santa Rosa, CA

Jim,

Your right. I don't usually see the home inspection report unless it's called for in the purchase contract. The FHA appraisers up here will not anything that's obvious to help protect themselves. I usually see it in their "additional comments" page. Thanks for reading my post! I hope is was short and to the point enough to be helpful.

Oct 13, 2009 06:16 AM

Anonymous

Charles T. Quinnelly

Reccenlty heard of a lender asking to see the 10 page state wide here in Mendo and I've heard of appraisers asking to view the selller TDS!

Oct 13, 2009 06:41 AM

Charles, I"m not surprised.

Oct 13, 2009 01:47 PM

John Bogner

I'm a Realtor in Ukiah, here in Mendocino County. Just had a loan agent from Wells Fargo ask for the Buyers Advisory, the 10 page Statewide Buyers and Sellers advisory and the 4 page Sellers Property Questionaire....plus any inspection reports (except the home inspection) that may have been done!

Dec 29, 2009 03:50 AM

Hi John, Is this an FHA loan? If it is, the loan officer is correct in asking for all of these things now. We've already registered over 400 line item changes YTD and continue to get them almost daily from the investor (FHA, VA, FANNIE and FREDDIE (e.i. the government)) The inspection is recommended under FHA, but not required. It's required under VA. That's probably why the agent didn't ask for it.

Call me if you have any questions.

Dec 29, 2009 07:07 AM

Ron Bibler

Excellence Exterminating Company, Inc. - Healdsburg, CA

Hi Anthony... My Comapny provides VA and FHA California State Termite Inspection Reports.

A little information for your new client. What is Section 1 and Section 2 ?

The Section #1 items an Active infestation. Termites or Fungus Damage/Dryrot. (Living pest or Oranisms)

The Section # 2 Items an earth-to-wood contact or Plumbing leak. (Non living)

Hope this helps.

Ron Bibler www.santarosapestcontrol.com 707-570-2000 Excellence Exterminating Co.

Apr 15, 2012 09:24 AM

FHA and VA Home loans - Santa Rosa, Ca - Inspection Reports

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Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages

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