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FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

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The "Optional" Home Inspection


The "Optional" Home Inspection
The home you want to buy might seem perfect, or it may have a few flaws that are acceptable in the grand scheme of things. But what about issues you can’t spot just by walking through the property a few times?

A home inspection provides an unbiased, expert assessment of the property's condition, uncovering potential issues that might not be noticeable to the untrained observer. Add the home inspection to your to-do list for best results.

Think of it as a comprehensive health check for your potential investment. You should only commit to a home after it has been reviewed by a qualified professional and not just an FHA fee appraiser.

Why Do You Need A Home Inspection? Examples

A couple is interested in a beautiful Victorian-era home. The appraisal confirmed the asking price was reasonable, However, during the inspection significant cracks were discovered in the foundation, suggesting expensive repairs. Thanks to the inspection, the buyers renegotiated the price.

Another example? A family looking for a larger home finds one in a popular area. The house’s freshly painted walls and modern kitchen suggested a well-maintained property, but after the inspection, the buyers learned of basement water damage and a history of flooding due to inadequate drainage. 

The buyers chose to pass on the home. That scenario may have worked out differently if they had relied on the appraisal alone.

A final example: A retired couple examined a property listed as having a newly replaced roof. However, the inspection report revealed some new shingles layered over old, damaged ones. Is that the definition of “newly replaced?”

These examples represent only a few issues a home inspection may reveal. While it might seem like an additional expense, it's a small investment compared to the potential costs of unforeseen repairs and problems.

Never Skip the Inspection
  • Uncover Hidden Problems: Inspections reveal issues that might not be visible during your walkthrough.
  • Negotiate Repairs or Price: The inspection report provides leverage to negotiate repairs or a lower price.
  • Avoid Costly Surprises: This can save you from expensive repairs after you move in.
  • Make Informed Decisions: You should fully understand the property's condition so that you can make an informed decision about your purchase.
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FHA Loan Articles

What Homebuyers Should Know About Appraisals

A key step in the mortgage process is the home appraisal. In the case of home purchase or refinance, this is a task that is almost always required by the lender, and it is important that potential homebuyers understand what, how, and why of a home appraisal.  

Make Your Home Energy-Efficient with the FHA EEM

The renewable energy industry is growing more and more every year, and many homeowners have implemented energy-efficient strategies in their homes. This can include programmable thermostats, solar panels, new insulation in the attic, etc.

Homeowner's Insurance - Why Do We Need It?

When buying a home, you have a list of things you need to do. Get pre-approved, arrange for a home inspection, and a few other tasks. One important thing on that list is shopping for homeowner’s insurance.

Which FHA Loan Is Right for Me?

Many Americans go with FHA loans because there are a number of mortgage programs that can fit different needs. These programs include FHA Fixed Rate Loans, FHA Adjustable Rate Mortgages, FHA One-Time Close Loans, FHA Condo Loans, and several others.

FHA Adjustable Rate Mortgages in 2021

The new year came with some changes being made in the mortgage industry, particularly when it comes to Adjustable- Rate Mortgages, or ARMs. The interest rate you get with an ARM is based on an index and a margin which is disclosed when you apply for the loan.

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