Can I get a VA loan if my dad is a veteran?
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Can I get a VA loan if my dad is a veteran?
“My father is veteran, does his status allow me to qualify for a VA home loan?” The short answer to this question is no. VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances. Some non-veterans are allowed to apply.
Who pays for the VA home inspection?
If you’re new to the VA loan process, you’ll learn you must pay both the initial appraisal and any required home inspection. Costs vary by location and home type, but the VA appraisal fee generally ranges between $300-$500. Homebuyers may ask the seller to repay this cost as part of your negotiations.
Are gutters required for a VA loan?
The gutter system is one of the best defenses against water damage, and will be examined by the VA appraiser. Gutters need to be present and in good condition, or the VA appraiser may place the appraisal “subject to” repair. TO DO: Walk around the home and examine the condition of the gutters.
What documents are required for VA loan?
VA Mortgage Documents Checklist
- W-2 Statements for the past two years from all employers.
- Most recent pay stubs or LES covering one full month.
- Most recent bank and asset statements covering two full months.
- Copy of your drivers license or military ID and social security card.
How old can a house be for a VA loan?
Borrowers should know there is no time limit or “maximum age” limit on VA loans. As long as a borrower is otherwise qualified, age and time do not play a part in the loan approval process, except where legal minimum age and mental competency are concerned.
How do I prepare for a VA home inspection?
These are, by far, the most popular VA appraisal setbacks we see.
- 1) Loose or missing handrails. Loose or missing handrails are a prevalent safety hazard.
- 2) Turn on the Power and Water.
- 3) HVAC, hot water heater, & stove requirements.
- 4) Peeling Paint.
Do sellers pay closing costs on VA loan?
One of the big benefits of VA loans is that sellers can pay all of your loan-related closing costs. Again, they’re not required to pay any of them, so this will always be a product of negotiation between buyer and seller.
Do VA home loans require an inspection?
The VA appraisal is an assessment of the property’s value and condition by an independent VA appraiser. VA appraisals are required for every VA purchase loan. These are two different things and unlike the appraisal, a home inspection isn’t required when you’re buying a home. But many buyers choose to invest in one.
How long does a VA home inspection take?
10 days
What inspections does the VA require?
The VA appraisal process requires all mechanical systems in the home to be of adequate size and power to fully service the property they are installed in; if an HVAC system, for example, is not strong enough to properly heat and cool the entire property, it would not “pass” the appraisal and corrections (plus a …
How long does a VA loan take?
40 to 50 days
How hard is it to get a VA loan?
If you’re eligible, VA loans are fairly easy to qualify for, since there’s no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
Can a VA loan close in 30 days?
“The truth is,” Charles said, “you can close a VA loan in 30 days or less, just like any other loan type. That’s three days longer than the overall average and two days longer than home-buying loans backed by the Federal Housing Administration, per Ellie Mae’s December 2017 Insight Report.
How strict are VA appraisals?
VA appraisal guidelines can be strict and can eliminate fixer-uppers from contention. Many of the guidelines can be frustrating for military buyers who are considering older homes in need of renovation. If a home fails to meet the MPRs the buyer will have to decide how they want to proceed.
How often do VA loans fall through?
For example, some whisper that transactions using VA loans are more likely to fall through. In truth, 74.3 percent of VA loans for purchases close. In comparison, 74.1 percent of all mortgages close.
