A Texas buyer using a VA loan learns that the property's termite inspection reveals active infestation. Under VA minimum property requirements, what must occur before the loan can proceed?
Correct Answer
A) The termite infestation must be treated and any structural damage repaired to meet VA MPRs before the loan can close
VA minimum property requirements (MPRs) require the property to be free from active termite infestation and any structural damage to be repaired. Treatment and repairs must be completed and verified before the VA will approve the loan to close.
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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