When you buy a home with a veteran home loan, the property has to meet certain requirements to be considered safe to live in before your lender will offer you the loan. That’s why every home purchased with a VA home loan must undergo an appraisal and inspection before the lender will give you the money you need. Though it should come as no surprise that the property should have a working electrical, plumbing, and heating system, those aren’t the only components inspectors have to worry about. They also need to make sure the structure is sound. This means your lender may require a termite inspection.
Why Termite Inspections Matter
Ultimately, every lender wants to make sure that the property is in good condition and won’t require tons of maintenance and repairs to be livable. If you default on the loan, the lender wants to know that they’ll make their money back on the house and extensive termite damage means their profits will be minimal at best. If the home doesn’t have signs of termite damage, the lender will likely approve the loan. However, if there’s extensive damage to the structure, you may need to look for a different property.
It Takes Time, But Lenders Are There to Help
Ultimately, the veteran home loan livability requirements are in place to make sure that you and your family can be safe when you move in. Though the inspection may uncover damage that you’re not thrilled by, it’s actually a good thing. The more you understand about your home’s condition, the better equipped you’ll be to budget for repairs and improvements.
Think of these inspections as a way to protect your investment, too. If the home passes the inspection, you’ll know that it’s a good enough structure to keep your family and loved ones comfortable and safe.
Watch for Signs When You’re Shopping
If you’re worried about dealing with home inspections when you apply for a VA home loan, save yourself the frustration of accidentally choosing a property that won’t meet the requirements. Watch for warning signs of termite damage like wood dust around the windowsills, shed termite wings, and soft spots in the floors as you tour each home.
Apply for Financing Today
No matter what type of home you’re looking at, using a veteran home loan to finance the purchase is a great option. Apply for financing online and let the experienced team at Mortgage Solutions Financial help you get the best loan for your needs.
