Bay-area REALTOR, Phyllis MacArthur, asked this question on Zillow.. My answers are in bold type:
On one of my listings, my seller just recieved an offer. It is a clean
offer with no hidden agenda, purchase price is right on, however there
are some loan issues I need to clarify:
Do VA loans require termite clearance?
VA requires both Section One and Section Two clearance (per Cheryl in the Construction and Valuation Dept of the Phoenix Regional VA Home Loan Center, as of May 15, 2009). This is a requirement for all purchases and and refinances (except for VA-to-VA Interest Rate Reduction Loans).
The buyer's agent wants a 60 day close (She said VA loans take longer
than traditional loans) Is that true?
VA loans are not necessarily a more lengthy process but the buyer's agent may be "hedging" for the termite work. Many lenders, however, are backed up so the 30 day closing is becoming increasingly difficult. A 45-day escrow should be reasonable and a 60-day escrow seems lengthy.
If so how does the buyer lock in a rate?
Sixty day lock periods are free and available. It costs the borrower up-front money to lock a rate beyond 60 days.
