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U.S.
Department of Housing and Urban Development
Why You Need a Home Inspection Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:
After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within five to seven days. This brochure is primarily for homebuyers that buy their homes with the help of the Federal Housing Administration (FHA) mortgage insurance programs. All homebuyers can benefit from the information in this brochure to understand the difference between home inspections and appraisals, the benefits of home inspections, how to find a qualified inspector, and the importance of radon testing. Home Inspections Are Not Appraisals
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:
The FHA appraisal process will note property deficiencies that are readily observable and found not in compliance with HUD’s minimum property requirements/standards (Handbook 4905.1 REV-1 and Handbook 4910.1). These deficiencies may not be the same as those items noted in a home inspection report. About FHA Home Inspections FHA helps individuals and families become homeowners by providing lenders with mortgage insurance for certain loans. 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 from you. 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. The Bottom Line: Spending Hundreds May Save Thousands 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.
Finding a Qualified Home Inspector
The following sources may help you find a qualified home inspector:
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For
Your Protection Get a Home Inspection
A
property appraisal is a document that provides an estimate of a property’s
market value. Lenders require appraisals on properties prior to loan approval to
ensure that the mortgage loan amount is not more than the value of the property.
Appraisals are for lenders; home inspections are for buyers.
As
the homebuyer, it is your responsibility to carefully select a qualified
inspector and pay for the inspection.
