Something to keep in mind if you get a VA loan in California to purchase a property and the property has other structures on it in additional to the main house, is you may need a termite clearance on ALL the structures.
It is fairly well know that it is standard when you get a VA loan in California that a termite clearance will be required on the main house. This means you will need to cure all section 1 and section 2 items that come back in the pest inspection report before the VA lender will fund your loan. But many times buyers are caught off guard if the property has a guest house, detached garage or barn for example when they find out that these structures may also need section 1 and section 2 termite clearances. Generally the VA underwriter will want a termite clearance on those structures UNLESS the appraiser does not give value to those structures in the appraisal. In this case the underwriter may waive the requirement for a termite clearance on those outbuildings.
So make sure when you are writing an offer on a property that has additional structures not attached to the main house that you are prepared to possibly get a termite clearance on those structures and the cost related to this. Sometimes you can get the seller to pay for this. But in this current market dominated by bank owner REO sales and short sales, often the seller will not pay for termite work required for a clearance.
And as a reminder here are some of the great benefits of VA homeloans in California:
- VA loan benefits allow any veteran receiving any VA disability pay to have the VA funding fee completely waived! This can amount to many thousands of dollars in savings.
- VA loan credit does not need to be perfect, a 620 credit score can get you a 100% financing VA loan with excellent VA loan interest
- VA streamline refinances are an INCREDIBLE benefit of VA loans! If you have a VA loan you can painlessly drop your rate down to market. Right now VA loan interest rates in California are the lowest I have EVER seen. Take advantage of it while it is here!
- VA loan limits in California can go upwards of $900,000 in many counties. San Diego, Los Angeles, San Jose, San Francisco, Santa Barbara, Orange County and more all have very high maximum VA loans.
- Get a second VA loan, and even a third, fourth, etc… However you can only have one VA loan at a time
Don’t hesitate to call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions at all or would like to apply for a VA, FHA or conventional loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer
858-922-7899
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