Tag: va loans

Kentucky VA Home Pest Termites Inspection Fees and Repairs cost for Veterans


Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Home Pest Termites Inspection Fees and…:  Veterans Benefits Administration Circular 26-22-11 Department of Veterans Affairs June 15, 2022 Washington, D.C. 20420 Pest Inspection Fees…

 

Kentucky VA Home Pest Termites Inspection Fees and Repairs cost for Veterans

 Veterans Benefits Administration Circular 26-22-11

Department of Veterans Affairs June 15, 2022 Washington, D.C. 20420

Pest Inspection Fees and Repair Costs

1. Purpose. This Circular addresses the Department of Veterans Affairs policies regarding wood destroying pest inspection fees and repair costs.

2. Background. Historically, VA has authorized, as a local variance, that Veterans may be charged for a wood destroying pest inspection report in a limited number of states and territories.1 Localities susceptible to termites and other wood destroying pests, however, are on the rise. Accordingly, VA requires, as a Minimum Property Requirement, a wood destroying pest inspection report for certain properties located in an area on the Termite Infestation Probability Map2 where the probability of termite infestation is “very heavy” or “moderate to heavy.”3 If applicable, the VA Notice of Value (NOV) will be conditioned for this requirement and MPR repairs identified on a wood destroying pest inspection report must be completed prior to guaranty.4

3. Action. Effective immediately, VA is authorizing in advance, as a local variance, that Veterans may be charged wood destroying pest inspection fees, where required by the NOV. Veterans may also pay for any repairs required to ensure compliance with MPRs. Veterans are encouraged to negotiate the cost of the wood destroying pest inspection and repairs with the seller.

a. Documentation for Audit Purposes. An itemized invoice identifying the Veteran and the property is required to verify the cost on the Closing Disclosure Statement (CD). Lenders should include the invoice(s) to support the cost of the inspection and any repairs in the loan file if the loan is selected for Full File Loan Review (FFLR).

4. Paperwork Reduction Act. The information collection requirements contained in this document have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. § 3501-3520) and assigned OMB control number 2900-0515. In accordance with the Paperwork Reduction Act, VA may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB control number

1 38 C.F.R. § 36.4313(d)(1)(ix).

2 https://basc.pnnl.gov/images/termite-infestation-probability-map-adapted-2021-international-residential-code-irc-figure.

3 VA Lenders Handbook, Chapter 13, Topic 8.c.

4 38 U.S.C. § 3704(a), 38 C.F.R. § 36.4351.

Kentucky VA Home Pest Termites Inspection Fees and Repairs cost for Veterans

Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223Company NMLS ID #1364

click here for directions to our office
Text/call:      502-905-3708fax:            502-327-9119
email:

          kentuckyloan@gmail.com

List of Government Foreclosed Homes in Kentucky to include VA, FHA, HUD, Fannie Mae and USDA


 
 

Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out- one might be just what you’re looking for!

Single Family Homes for Sale

Kentucky VA Home Loans for 2021


 

Kentucky VA Home Loans for 2021

 

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  •  No down payment in most cases for purchase loans (up-front money toward your home purchase), and easier borrower credit requirements.
  •  No monthly mortgage insurance premiums or private mortgage insurance (PMI).
  •  Lower homebuyer closing costs, and limits to what borrowers can be charged.
  •  The opportunity to roll your “VA funding fee” into your mortgage.
  • The ability to refinance a non-VA loan into the VA mortgage program.
  •  The opportunity to: ask a home seller to contribute up to 4 percent of the mortgage amount to cover some of the closing costs; ask your lender to cover some of the closing costs; seek closing cost assistance through state homebuying programs created for veterans and first-time buyers.
  • The right to become a VA borrower for life. In most cases you can use VA mortgage programs forever, and sometimes you can have more than one VA loan.
  •  Eligibility of financing for spouses of service-members who died in the line of duty or from a service-related disability.

You can review all types of Kentucky VA Home Loans here, including purchase mortgages, refinance mortgages (called Interest Rate Reduction Refinance Loans or IRRRLs), and cash-out refinance loans.

To qualify for a Kentucky VA Home Loan, usually a military veteran or service-member must have 90 consecutive days of active service during wartime, or 181 straight days of service during peacetime, or six years in the national guard or reserves of a particular military branch. You can find out if you’re eligible here.

Kentucky  VA mortgage comes with an additional closing cost called a “VA funding fee” of between 1.4 to 3.6 percent on the amount borrowed (depending on your circumstance). This special fee that non-VA borrowers never have to pay helps partially fund the “government backed” part of the VA borrower program, and many VA borrowers can roll it into their mortgage.

 

VA Loan Quick Facts

0% Down
Minimum Down Payment
620 Credit
Minimum Credit Score
41% DTI
Max Debt-to-Income Ratio
 
 

What is a VA Loan?

VA Loans are designed to assist veterans purchase a home. Active duty military and veterans across the nation will enjoy the desirable loan terms and low interest rates that often come with a VA loan. Additional benefits like no down payment requirement help make home buying an affordable and cost-effective reality for those who have served and continue to serve our country.

What are the benefits of a VA Loan?

VA Loan benefits and features:

  • Zero down payment
  • Buyers may finance the funding fee into the loan
  • Closing costs may be covered
  • Buyers may use gifts and seller contributions to cover closing costs

Who may benefit from a VA Loan?

A VA Loan may the right fit for you if:

  • You’re an eligible veteran or active-duty military
  • You’re buying a first home or are a repeat homebuyer

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