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.