When Buying with an FHA Loan, Don't Skip the Home Inspection
December 9, 2021
This wait isn’t easy, since most homebuyers are ready to just close on the home and move in. But getting a home inspection is a crucial step, and not one you should consider skipping. Make sure you hire a reliable home inspector, and watch out for these red flags.
Foundation Problems
While some cracks in the walls and floors might be nothing more than regular aging of the house, it takes a professional to know when those are actually signs of foundation defects. Your home inspector may even recommend calling in another professional to be absolutely certain whether the signs are serious, or if they signal the normal “settling” of the house. If the house is settling unevenly, it could be ripping the entire frame apart. Getting an inspection done to make sure that is not the case could save you from buying a home that leads to costly measures down the road.
Leaking Roofs
Replacing or repairing a roof can be a huge expense. A home inspection can detect a leaky roof, but that is only part of the problem. You also need to think of the water damage is causes to your home. It can lead to wood rot, mold, and mildew, which are not only health hazards, but can also cause the structure to weaken. If your home inspection comes up with a roof leak, take into account the costs of fixing all these issues before buying the house.
Exterior Issues
Your roof is not the only area where water damage is a concern. The floors and walls can also retain moisture. Caulking and weather stripping can dry out or disintegrate near doors, windows, and skylights that are more susceptible to the elements. Similar to roof problems, the problem does not go away with resealing the areas. The larger concern is the water damage already caused by the weathering.
Old Plumbing
Leaking, decades-old plumbing can understandably escape a homebuyer’s notice since it’s hiding out of view within the walls. Home inspectors know what to look for. Older pipes are likely to burst, and depending on where that happens, it can lead to a huge financial drain to get fixed.
Electrical
Outdated wiring is something that can come up in a home inspection because of what it leads to. It can cause electrical fires, and lack of electricity can leave homeowners vulnerable since it means loss of a working refrigerator, heating and cooling, and lights. When it comes to redoing a house’s electrical wiring, there is no easy way to go about it. Not only are you hiring a professional to complete the re-wiring, you need them to open up and then repair the walls as well, making it an expensive undertaking.
------------------------------
RELATED VIDEOS:
Get Your Questions Ready for Your Loan Officer
The Last Part of the Transaction Is the Mortgage Closing
Know What You Can Borrow With Prequalification
FHA Loan Articles
November 21, 2024The dream of homeownership is with some from a young age. But in an uncertain housing market, some grapple with the question: Is buying a home the right move for me?
While renting offers relocation flexibility and lower upfront costs, homeownership provides a wealth of financial and personal benefits.
November 20, 2024Refinancing your mortgage offers a way to cash in on your home equity, potentially reduce your interest rate, or modify your loan term. Borrowers ready to consider have options including FHA loans and conventional loans.
While both provide avenues for refinancing, each loan type may be best for specific needs and financial circumstances. What are the differences between FHA and conventional refinance options?
November 14, 2024The 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.
November 12, 2024Escrow is an important feature of most typical FHA loans. An escrow account is a third-party account where borrowers deposit funds designated for property taxes and other uses. Requirements to use escrow accounts typically stems from a need to protect all parties involved in the transaction
November 2, 2024When it’s time to consider buying a home, the Federal Housing Administration (FHA) offers two popular options. One is the traditional FHA purchase loan many use to buy a house in the suburbs. But not everyone wants to buy an existing property. Some want more control over the design and configuration of the home.
The other FHA construction loan option, the one-time close mortgage, comes in here. This option is for those who want to approve floor plans, have a say in the types of materials used to build the home and choose its features.
