A home inspection may not be required for an FHA loan, but it can save homeowners money in the long run A home is one of the biggest investments you will ever make in your lifetime. This is why making sure that the home you intend to buy is in good condition is so important. Though all FHA mortgages require a home appraisal, they do not require a home inspection. Many borrowers confuse the two and mistakenly assume that an FHA appraisal is a guarantee that the house is in good condition. In actuality, an FHA appraisal is for the lender, not the borrower. If you want to avoid buying a lemon, you will need a home inspection.
The FHA does not currently have home inspection requirements. Even so, a home inspection is in your best interests; it is a very good idea to get one prior to making a home purchase. A home inspection will:
- Evaluate the structure and construction of the home.
- Estimate the remaining useful life of the home's structure and mechanical systems.
- Identify potential problems and items that will need to be repaired and/or replaced.
Once your home has been inspected, you will receive a written document that details all findings. This document is very important and can protect you from making a poor investment. Remember, FHA provides insurance for lenders, not borrowers. They do not guarantee anything and they will not buy the home back from you if you find a problem after closing. This makes the small amount that you will have to pay for a home inspection well worth the money
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