Home Inspection Standards For Fha Approval
The Federal Housing Administration (FHA) was established in the year 1934 to enable American purchase their dream homes at the rates which are comparable with other countries in the world.
If you are thinking of availing FHA loan, you will need to do a little study on mortgage policies and requirements for home inspection. The FHA does not provide any loan directly instead it helps the borrower in obtaining loan and further insure it so that the lender is made comfortable.
FHA loans are quite apt for those whose income is in the middle or lower level reason being the interests rates are comparatively less and the monthly installments are also lesser. However, there are certain mandatory requirements for getting an FHA loan sanctioned. One of the requirements are getting home appraised by an FHA appraiser. FHA does not presently have any requirement of home inspection. There are many borrowers who often mistake the FHA appraisal and home inspection and think that if the home is being appraised by FHA it becomes a guarantee that the home is in possession of good standard certificate.
In actual terms, a home appraisal is meant for the lender not for the borrower. If you want to buy a good home, it is a good idea to get home inspected for your own interest. The following standards are evaluated during a home inspection:
- Building and the construction,
- Remaining shelf life of the building and its mechanical systems,
- Recognizing the possible problems and the items that require repair or replacement.
After the home inspection is completed, you will be given a report stating the details of findings. This report would be very important for you to guard you from making a bad investment.
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