home inspection requirements for fha loans

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Know the basics of FHA loan rules and you stand a better chance of selling your. You must give FHA buyers a form explaining what home inspections can reveal, getting an FHA waiver for your condo if it doesn't meet all the requirements.

Every loan type has its own appraisal requirements, but one of the strictest home appraisals is an FHA home appraisal since FHA loans are.

FHA: When an FHA loan is being used, the appraiser has two objectives. The Department of Housing and Urban development (hud) requires him to determine the current market value, as with any appraisal. But they also require a property inspection to make sure the home meets HUD’s minimum standards for health and safety.

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The Federal Housing administration (fha) guarantees loans with lower down-payment requirements, usually to first-time homebuyers who may have trouble coming up with the 20% down payment upfront. To insure the homebuyer receives a quality purchase, there are specific requirements homes must meet to be eligible for a loan guarantee through FHA.

FHA Appraisal Requirements. Every home purchased with an FHA insured loan must have an appraisal performed by an approved appraiser. The appraisal is needed to make sure the home is worth what the home buyer is paying for the home. Not only does it protect the buyer, but it also protects the lender from losses.

Depending on the terms and conditions of your home loan, most FHA loans today will require MIP for either 11 years or the lifetime of the mortgage. MIP Rates for FHA Loans Over 15 Years If you take out a typical 30-year mortgage or anything greater than 15 years, your annual mortgage insurance premium will be as follows:

Home Inspection | FHA Mortgage | Woodbridge For an FHA loan, the U.S. Department of Housing and Urban Development (HUD) requires this, plus an inspection of the home’s condition. In order to pass inspection, the home must meet minimum safety, security and soundness standards. An FHA inspection is conducted by a licensed, HUD-approved property appraiser.

For a complete list of FHA property requirements, refer to HUD Handbook 4150.2. If the property has a septic system, the FHA appraiser must inspect the area to make sure it operates properly. The appraiser will evaluate the type of septic system in use, the topography of the surrounding area, soil permeability, depth to groundwater, and other factors that may affect operability.

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