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Answers (4)
Best Answer
- Ken Kopper
- Contributions:1578
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.
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.
- girouard property RE
- Contributions:981
Thank you all so much for your help!
- Naoma Doriguzzi, "Naoma Doriguzzi"
- Contributions:41
- Brian Brady
- Contributions:117
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.
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.
For a VA loan, do you have to have termite clearance?
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- 0.0/5.0
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Contributions:9811. 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?
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