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Outdated wiring is something that can come up in a home inspection because of what it leads to.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
March 6, 2021When 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.
February 26, 2021Many 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.
February 21, 2021The 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.
February 6, 2021As an existing homeowner, you may want to take advantage of falling interest rates by refinancing your current mortgage. For many homeowners, the thought of going through the refinancing process can be tiresome. But an FHA Streamline Refinance could help you avoid the extra work.
January 30, 2021As your closing day gets closer and closer, you might start to feel a little nervous. Do you have everything you need? Will something delay the closing? These worries are natural, but the more prepared you are, the less overwhelming it will all seem.
