The VA home loan is a popular mortgage option for veterans, active duty service members, and surviving spouses. One of the benefits of this loan is that it requires no down payment, which can make homeownership more accessible for those who may not have significant savings or a down payment. However, specific requirements must still be met to qualify for a VA home loan. One of these requirements is a termite inspection.
What is a termite inspection?
A termite inspection is a thorough examination of a home's structure and surrounding property to determine if there is any evidence of termite infestation. Termites are wood-eating insects that can cause significant damage to a home's structure if left unchecked. To protect the borrower's and the lender's investment, a VA home loan requires a termite inspection to ensure that the property is free from termite infestation.
Who pays for the termite inspection?
The VA home loan borrower is responsible for paying for the termite inspection. The inspection cost will vary depending on the size of the property and the type of inspection being conducted. It is important to note that the VA does not have a list of approved termite inspection companies, so it is up to the borrower to choose a reputable company to conduct the inspection.
What happens if the termite inspection finds evidence of infestation?
If the termite inspection finds evidence of an infestation, the borrower must address the problem before the VA home loan can be approved. This may involve hiring a pest control company to treat the infestation or repair the damaged areas. The VA will not fund these repairs, so the borrower must budget for necessary repairs or treatments. In most cases, the Seller will pay for the infestation and upon completion, the Termite Company will provide the Clearance Certificate that the property is free from infestation.
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