Although it’s one of the most widely used benefits offered by the Department of Veterans Affairs, many veterans have questions about the rules and regulations about using their VA loan. One of the most asked about issues is the loan’s occupancy requirements. Questions often asked include: How soon after buying my home do I have to move in? What if I am deployed? Can I rent out my home with a VA loan? Read on to learn more about VA loan occupancy requirements.
After you have a purchase agreement on a home, it’s a good idea to get a home inspection before you negotiate a final offer. Jerry Lootens, an ASHI-certified home inspector, says that a home inspector looks at the functionality and conditions of all the systems within the house to make sure you won’t run into a major problem in the future. The types of things a home inspector looks at include
- Heating system
- Central air system
- Electrical system
- Walls, windows and doors
If the inspector finds that something is wrong with the overall condition of the home, you can go back to the seller and negotiate a new price to include any money required to fix problems that were found during the home inspection.
The main difference between a home inspection and an appraisal inspection is that the appraiser is solely focused on the value of the home, not necessarily the conditions of the home itself. Both can affect the price of the home, so it‘s essential to get both inspections.
Watch the video below from our First-Time Home Buyer Q&A Google Hangout for more information on both home and appraisal inspections.