Did You Know?

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

Understanding FHA Loan Debt Ratios

One crucial aspect of FHA loans that borrowers need to understand thoroughly is debt ratios. In this article, we look at how they can impact your ability to secure financing for your dream home. Debt ratios help lenders understand a borrower's creditworthiness and any risks associated with the loan.

FHA Home Loans for Multi-Unit Properties

Investing in a multi-unit property can be an excellent way to build wealth through rental income and property appreciation. FHA multi-unit property loans make this opportunity more accessible to a broader range of individuals. You must occupy a unit as your primary residence within 60 days of closing the loan.

Employment Requirements for FHA Loans

To qualify for an FHA loan, you must meet certain employment requirements. In this article, we'll dig into the FHA loan employment requirements so that you can understand what's needed to get approved for this type of mortgage.

Benefits of FHA Loans for Manufactured Homes

Manufactured homes, sometimes referred to as mobile or modular homes, are factory-built residences designed to meet or exceed national building codes set HUD. They offer cost savings and energy efficiency, making them an attractive housing option for many Americans.

Challenges of Buying a Home with High FHA Loan Interest Rates

Buying a home is a significant milestone in life, and for many, it's a dream come true. However, the path to homeownership can be fraught with challenges, and one of the most concerning issues can be high FHA loan interest rates.

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