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For a VA loan, do you have to have termite clearance?

On one of my listings, my seller just recieved an offer. It is a clean offer with no hidden agenda, purchase price is right on, however there are some loan issues I need to clarify:

1. Do VA loans require termite clearance?
2. The buyer's agent wants a 60 day close (She said VA loans take longer than traditional loans) Is that true? If so how does the buyer lock in a rate? 
  • May 24 2009 - San Francisco
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Answers (5)

Best Answer

Profile picture for Ken Kopper
Yes, all VA purchases require a termite inspection as well as  refinances of Non-VA loans into VA program.

No, VA loans should not take that much longer. It may take about 2 weeks (worst case scenario) from issuance an LIN/appraisal is assigned through VA portal to get back the appraisal in order to submit into UW but other than that maybe its just the VA lender the borrower is using is taking that long.
  • May 24 2009
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Can buyers and sellers pay for termite repairs on a non REO property
  • February 08
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Thank you all so much for your help!
  • May 24 2009
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I agree with the other answers...it is not so much the VA process as the turn times of that particular VA lender.  The borrower can lock in the loan with a ratified purchase contract. 
  • May 24 2009
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Profile picture for Brian Brady
VA requires both Section One and Section Two clearance (per Cheryl in the Construction and Valuation Dept of the Phoenix Regional VA Home Loan Center, as of May 15, 2009).

Ken is correct; this is a requirement for all purchases and an refinances (except for VA-to-VA Interest Rate Reduction Loans).

VA loans are not necessarily a more lengthy process but the buyer's agent may be "hedging" for the termite work.  Many lenders, however, are backed up so the 30 day closing is becoming increasingly difficult.  A 45-day escrow should be reasonable and a 60-day escrow seems lengthy.
  • May 24 2009
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