VA Changes Loan Rules For Veterans

The VA has recently announced they will begin to allow veteran borrowers to pay for termite inspections and repairs for VA mortgage loans.  Some of our local purchase agreements have language stating the seller is required to pay for these expenses when VA financing is utilized.

With this change, members are encouraged to inform sellers and make appropriate changes to the language in purchase agreements.

Read the full announcement in the VA Circular found here.opens PDF file

Our thanks to Julie Schmidt at Security National Bank for alerting us to the change.