subject: The Inspections Done In The VA Loan Program [print this page] The Inspections Done In The VA Loan Program
When veterans submit an application for the VA home loans, the US Department of VA inspects the home or the place being bought. This is one of the most common obligations of the VA loan. Hence, before you apply for this loan it will be wise for you to carefully read the rules and regulations of this loan so that you do not get rejected in the future. In this loan system, there are certain types of properties that you cannot buy. This rule is al old as the loan program itself.
In fact the inspection done by the agents of the government is for the borrower's benefit. They make sure that the place or the home being purchase is completely fine without having any flaws. Nevertheless, it is the duty of the home purchaser himself to examine the property he wishes to buy very carefully so that no additional cost incurs. For example, if you have chosen to buy an existing home then there are a number of thing that you need to check yourself because the fee loan amount that you will receive in the VA loan does not include the costs of making the roof strong, plumbing etc. The only way the vets can get additional cash in this loan program is through refinancing. So always check all the parts of the house you wish to acquire.
However, no matter how much observation you do of the desired house, you cannot cover all the defected parts. It might happen that after some time of residing problems related to the house start so before making any agreement with the lender make sure that you choose a property that is steady and provide you less problems in the future because afterwards whatever expenses you will have to make will be spent from your own pocket. Always look for better deals and negotiate with the lenders freely so that you receive maximum benefits.
Those vets who are using their VA loans to construct a new home should also be very careful. Although the deals signed with these types of borrowers are different but they are inspected in the same manner. But the government has provided these borrowers an opportunity to complain if they find any faults in the construction of the new homes. So you should keep examining the construction yourself so that the problem is solved on the spot before the house is made and you get to live with the problem forever.
