VA Home Loan Fast Facts For San Diego County, Part Three

Mortgage and Lending with Caliber Home Loans NMLS#284800

VA Home Loan Fast Facts For San Diego County, Part Three

Who takes care of the Pest Inspection and repairs? Veterans cannot pay for the actual pest inspection report. However, either the buyer or seller can pay for the actual repairs. Keep in mind that VA typically only requires that Section 1 (obvious infestation) of the pest inspection report be cleared.

For a VA Cash-Out refinance (paying off a non-VA loan with a VA loan, or getting actual cash out, debt consolidation, etc.) a Pest Inspection is required. However, not required for a VA Interest Rate Reduction Refinance Loan (VA IRRRL a.k.a. VA Streamline).

What are some of the VA Appraisal requirements? The home must be in decent condition with no health or safety issues. Lenders order the VA appraisal through the VA Portal (website) and the appraisals are then assigned by the VA to a VA approved appraiser.

The VA appraiser then has up to 10 business days to return the report. Some go quicker, but some do take the full 10 business days.

If the appraiser determines that the comparable sales located by the appraiser will not adequately support the purchase price, the appraiser will then reach out to the main Point of Contact under the Tidewater Initiative. The Contact person then has two business days to provide additional sales information in support of the sales price.

What is the waiting period for VA Home Loan financing after a major derogatory event, like a Foreclosure, Bankruptcy, or Short Sale?

  • Foreclosure: 2 years from the date of the actual Trustee Sale
  • Short Sale: 2 years from the date of the sale
  • Bankruptcy: 2 years from the discharge date of a Chapter 7. For a Chapter 13, VA financing may be allowed after 1 year of timely payments with permission of the bankruptcy trustee.

By the way, VA homebuyers can also use seller and or lender credits to pay off debt to qualify!

This post, combined with VA Home Loan Fast Facts For San Diego County, Part One and VA Home Loan Fast Facts For San Diego County, Part Two should give you a pretty good idea about the basic "ins and outs" of the VA Home Loan Program in San Diego County.

Looking to buy or refinance in California with a VA Home Loan? Contact me today by calling 760-500-1919 to discuss your options.

Posted by

 Kevin Kueneke, NMLS # 284800
San Diego County Mortgage Specialist
VA Mortgage Loan Specialist | FHA Mortgage Loan Specialist
Direct Lender | Mortgage Banker
Phone 760-500-1919 | Fax 619-419-2324

Visit My Website: 

Mann Mortgage LLC | NMLS #2550
11230 Sorrento Valley Road Suite 225| San Diego CA 92121

Comments (2)

Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

This is great information for VA home buyer's they need to be educated before starting the home buying process. Thanks for sharing have a Happy Easter weekend.

Mar 25, 2016 04:57 AM
Kevin Kueneke
Caliber Home Loans - Encinitas, CA
San Diego Mortgage Banker

Hi Pat - Happy Easter weekend to you too. The VA Home Loan Program is a very important part of the housing market, especially in areas like San Diego with a high military population. Thanks for the comment.


Mar 25, 2016 05:08 AM