If you're thinking of purchasing a home with an FHA loan backed by the federal government, there are a few things you need to know in the loan closing process to make sure you don't miss any potentially expensive problems in the home you're about to purchase.
When an FHA inspection is scheduled, you might falsely believe you're covered for a home inspection.It's important to know that an FHA home inspection is NOT identical to regular home inspections completed by certified home inspectors. FHA home inspections are more like appraisals and safety checks that the government uses to determine the value and safety of the home, not to discover defects. FHA inspections confirm that the property meets all minimum property standards as outlined by the federal government. Properties that do not meet these property standards are not eligible for FHA loans.
Therefore, it is important to hire a certified home inspector to complete an inspection of the home you're buying with an FHA loan. This professional home inspector will thoroughly inspect your home and list all the potential defects and issues that buyers need to be aware of before closing/settlement. It is best to accompany the inspector during the inspection to get a better understanding of the home you're about to purchase. If you have any questions, please contact your lender about FHA loans and us for recommended home inspectors in our area.
