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FHA Inspection

FHA Inspection refers to the process of inspecting a residential property before buying it using an FHA-insured loan. The work must be done by a qualified home inspector, preferably by an experienced one. They need not be approved by the Federal Housing Administration, though, under most financing situations. The fee of an inspector may vary according to the size, region and age of the house and is not regulated by FHA. A typical home inspection should cost you within the range of $300-$500.

This is not the case with 203k loan, however. Only FHA approved inspectors are allowed to carry out inspection work on such properties as these typically require significant amount of repair work. The fund to pay for the rehabilitation work is released only when the FHA receives the duly completed inspection report by an approved inspector.

The report must contain the details of repairs needed to meet the safety and health standards of the US Department of Housing and Urban Development. The fee details for 203(k) inspections are outlined in HUD Handbook 4240.4 Rev-2 and Mortgagee Letter 95-40. A region-wise list of FHA approved inspectors can be found on the HUD website.

FHA Inspection Requirements



FHA Inspection requirements comprehensively cover all aspects including location hazards and nuisance; soil contamination; grading and drainage; well, individual water supply and septic; termites; private road access and maintenance; structural conditions, such as floor support systems, walls and ceiling, and attic; foundation and crawl space; roofing and mechanical systems like furnace/heating system, air conditioning, electrical system, and plumbing system.

These inspection requirements get updated every year with the publication of one or the other Mortgagee Letter. Check the HUD website for any change in the FHA Inspection Requirements 2011. If you are hiring the services of a real estate agent you will get updated information in this regard from them as well.

A checklist can be prepared to see if the process meets all applicable rules and laws in your state and comply with a well-recognized standard of practice and code of ethics. You can find online resources on inspection checklist and related guidelines. All necessary forms and reports are available on HUD website. A FAQ section is also there that helps you know how you can find a good inspector for the home you consider to buy.

Remember that a home inspector works for you, unlike an appraiser who helps a lender assess the value of a property for underwriting purposes. You must question the credentials of the professional you are hiring. It is in the best interest of you and your family, and helps FHA achieve the objective of qualify homeownership for all.

Website: www.hud.gov





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