FHA Loans for Homebuyers
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FHA Refinancing
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Need to Know
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FHA Programs for Homebuyers
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FHA Support: Step 6
Get a Thorough Home Inspection
FHA does not guarantee the value or condition of your future home, and FHA does not perform home inspections.
If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, nor can it buy
the home back.
That's why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified home inspector
to thoroughly examine the physical condition of your future home and give you the information you need to
make a wise decision.
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Now is the time for an
FHA HOME LOAN
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A good home inspection will tell you everything about the condition of the house, and can help you avoid buying a
property that needs major repairs. The home inspector should ensure that their inspection report meets all applicable
requirements in your state and will comply with a well-recognized standard of practice and code of ethics. If there are any
areas you want to make sure are inspected, be sure to identify them upfront.
When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home
inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you
from buying a house that will cost you far more in repairs down the road. If you are satisfied with the results of the
inspection, then your offer can proceed.
Home Inspections Are Not FHA Required-Appraisals
FHA helps individuals and families become homeowners by providing lenders with mortgage insurance for certain loans.
Appraisals are for your FHA lender; home inspections are for you, the buyer. A property appraisal provides an estimate
of a property's market value. FHA lenders require appraisals on properties prior to FHA loan approval to ensure
that the mortgage amount is not more than the value of the property. FHA, which is part of the U.S. Department of
Housing and Urban Development (HUD), requires lenders to obtain appraisals of properties securing FHA-insured loans.
FHA requires appraisals for three reasons:
- To estimate the market value of the property.
- To make sure that the property meets FHA minimum property requirements/standards (health and safety).
- To make sure that the property is marketable.
The FHA appraisal process will note property deficiencies that are readily observable and found not in compliance with HUD's minimum property requirements/standards
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to Buying a Home with an FHA Loan
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> FHA Step 1
How much can you afford?
> FHA Step 2
FHA says, "Know your rights."
> FHA Step 3
Shop for an FHA loan.
> FHA Step 4
Shop for a place to call home.
> FHA Step 5
Make an offer for the home.
> FHA Step 6
Get a home inspection.
> FHA Step 7
Your homeowners insurance.
> FHA Step 8
Sign on the dotted line and move in.
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Receive cash back and save money when you buy or sell your home.
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Get a VA loan to buy a home, to build a home, to refinance your mortgage, or to simultaneously purchase and improve a home.
VA Mortgage News
Browse through articles about
VA home loan programs,
VA benefits, home buying and selling,
VA mortgage shopping
and insurance.
Pioneer Military Loans
Serving the military community with personal loans from $500 to $10k.
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