VA issued Circular 26-22-11 (Circular), updating wood destroying pest inspection fees and repair cost policies. Per the Circular, VA now permits a borrower to be charged wood destroying pest inspection fees anytime the Notice of Value requires the inspection. Previously, the borrower could only be charged the wood destroying pest inspection fees in a limited number of states. In addition, VA permits a borrower to pay for any necessary repairs identified on a wood destroying pest inspection report. An itemized invoice identifying the borrower and the property is required to verify the costs charged on the Closing Disclosure Statement. The changes announced in the Circular went into effect June 15, 2022.
Click to view the VA Circular 26-22-11: https://www.tenaco.com/wp-content/uploads/2022/06/VA-Circular-26-22-11-06-15-22.pdf
