Thinking about getting a home inspection when buying a home with a VA loan? Well, you probably should.
For every VA loan application, eligible Veterans and Servicemembers have a number of things that they are required to obtain in order to assure a mortgage approval.
There are certain eligibility requirements that interested borrowers should meet before pursuing their mortgage application. Besides that, lenders often require a lot of paperwork to prove that you’re worthy to be approved for a mortgage.
When it comes to home inspections, Veteran homebuyers are not required to get one for a prospective property.
However, there are a number of reasons would argue that it’s getting one is as important as any of the other things that are required for a VA home loan.Become a homeowner.
VA Appraisal versus Home Inspection
There are a number of reasons why having your home checked is crucial for your home buying journey.
However, it’s important to clarify that a home inspection is different from a VA appraisal. Oftentimes, a lot of Veteran homebuyers confuse one over the other.
VA loan appraisals check a property’s current value and make sure that it meets VA’s Minimum Property Requirments. A home inspection, on the other hand, thoroughly checks a property’s structure and points out every issue that comes with it.
Following VA standards, a VA loan appraisal is required when buying a home with a VA home purchase loan while getting a home inspection is completely voluntary.
Even if that’s the case, it’s still probably best if you get one for the home you plan to purchase. Let’s count the ways why you should consider getting a home inspection.Ask our lenders.
1. It’s has a more detailed approach
Home inspectors go into every nook and cranny of the property to check if there any issues that need to be addressed.
Therefore, a home inspector will most likely give you a more detailed report with the kind of approach that their service does.
2. It can help you decide how to proceed
While getting a home inspection is an added cost on your part, it’s definitely worth your money.
Other than getting a full report on the property’s current situation, it will potentially help you decide if the home is worth buying or not.
VA home purchase loans require an appraisal but with a home inspection, you can already tell if you should proceed with the purchase or look for a better property on sale.
3. It can potentially save future costs
What you learn about your prospective property from an inspection will give you an idea of any possible repair costs in the future.
Any issue that an inspector uncovers after checking the property will either help you negotiate a worthy offer or let a seller cover the repair costs.
It’s worth the effort
We all want to aim for a stress-free home buying process. As much as possible, it’s important that we prioritize everything that’s needed to avoid any mishaps.
However, you should also understand the importance of making careful and calculated decisions along the way even if it means adding time and costs to homeownership.
Home inspections are like that. They may be an added out-of-pocket cost plus it means extra effort on your end but it’s something that pays off in the end.
After it’s all done, all the effort you put into your home buying journey is going to be worth it.We’ll help you get your first home.