There are many ways to accomplish this, but it's not that complicated. Va does not allow you to pay for termite or treatment, however the seller can pay for it, the listing agent can pay for it, even your own mortgage broker can pay for it... it's just you that cannot... If your looking at a property that is listed with VA as available financing, then they know about this rule... contact a local mortgage broker, not a bank, and apply with them.. they are very familiar with the current guidelines and conditions associated with VA financing. WilliamAcres.comNov 16th 2011
Than you for your Service Major. On the Termite Inspection is a VA requirement like the VA non-allowable Fees. I would work with a Termite company that will accept payment at closing. That way the Seller can pay this fee at closing. Sincerely,Henry J Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach"Educating you to make the right financial choices for your family today and tomorrow" Direct: (936) 228-1944 Fax: (832) 217-3033Blog: WoodlandsMortgageBank.comNov 16th 2011
As William indicated, there are many ways to accomplish this. VA requires a termite inspection and if found, treatment. The inspection is a nominal fee and most termite inspectors will agree to accept payment at closing, because they understand how it works. The fee then gets paid by any party to the transaction EXCEPT the Veteran. If your agent is telling you that VA won't allow you to purchase a foreclosure, your agent is ill-informed. I have closed numerous VA foreclosures. If, however, the home has termite activity that needs to be mitigated, that may be a different issue. Banks say they will not pay for repairs and the home is offered AS-IS. But the truth is they want the home sold and off their books. I have convinced banks to Replace A/C units, Hot water heaters, broken windows, Damaged doors and many other items on homes where they initially said they wouldn't. It's all in having the right Mortgage Banker/Broker and Right Agent. Try to stay away from the Big Banks as your lender, many of their Originators are just order takers and don't have the expertise you need. Good luck and Thank you for your service.Nov 16th 2011
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