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FHA: When an FHA loan is being used, the appraiser has two objectives. The Department of Housing and Urban Development (HUD) requires him to determine the current market value, as with any appraisal. But they also require a property inspection to make sure the home meets hud’s minimum standards for health and safety.
In this article: A home inspector will look at a house’s HVAC system, interior plumbing and electrical systems, roof, attic, floors. windows and doors, foundation, basement and structural components. The inspector will provide a written report with the inspection results. A home inspection generally takes two to four hours,
When you buy a house, it’s important to state in your offer that the the sale is contingent on the home passing an independent inspection. Not only does this protect you by providing a way to detect problems early on, it’s mandatory if you’re applying for a mortgage loan insured by the Federal Housing Administration.
A real estate home inspection checklist can reveal items that should be repaired. experienced with residential sales, mortgage loans, and foreclosures..
FHA Home Inspection Checklist & Guidelines This checklist was compiled as help for investors to ensure that they are renovating properties to FHA Standards to ensure that the buyers of their finished rehab projects will qualify for financing.
FHA Loans and Finding Home Inspectors – An fha insured mortgage can be used to purchase a new or existing home. A home inspection is recommended by the FHA as part of the loan process. The inspection provides a layer of protection for you as the home owner, as well as for the mortgage lending institution.
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The FHA. inspection fees, but only up to $200, attorney’s fees, lender origination fees, transfer stamps, recording fees, taxes and document preparation fees, but only if done by a third party..