Tuesday, December 14, 2010

What is an FHA inspection all about?

Is an FHA loan right for you? In a competitive market, finding a home is not the only problem buyers face. Those who plan to finance the purchase with an FHA-insured mortgage should remember that the property's condition must meet FHA (Federal Housing Administration) requirements as outlined in the FHA Handbook 4150.2. An FHA-certified appraiser must conduct a thorough inspection of the property when determining its value and report the findings to the lender in the FHA Uniform Residential Appraisal Report.
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If you are considering purchasing a home with a FHA loan, here's what you should know about the inspection process:

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