What Is Required For A Fha Home Inspection ?
There are no such requirements for an FHA home inspection as it does not exist. However, while applying for a loan through the FHA it sends authorized qualified appraisers to carry out the home inspection in order to ascertain that the home which has been put up for sale meets the standards of the FHA for its health and safety measures. If the home that has been inspected by these appraisers meets the standards of the FHA, then the buyer is most likely to get the loan approved provided he qualifies certain other aspects.
FHA demands for a home inspection primarily to ascertain the cost of the property in current market. Also one of the reasons is to check that the home meets all the standards of FHA. These are termed as MPR (Minimum Property Requirements) or MPS (Minimum Property Standards) Appraiser prepares a report reflecting the major to minor condition of the home which can affect the loan process.
The minor conditions include all those cosmetic repairs that are not very much essential to finish before the lending process begins. These cosmetic repairs could be little plumbing, below standard countertops, any dirty or worn out carpets, termite infestation, and broken windows. All these issues do not affect the loan process but if the issues pile up a lot then it may bring down the appraisal value.
The main conditions are those which require repairs or renovations for the lending process to take effect. These would perhaps include any structural damage, cracked foundation, improper roof having leakages, improper septic system and such other malfunctioning which can badly affect the home in future.
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