Why You Need a Home Inspection

Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home's condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth look at the property you plan to buy. The inspector will:

home
  • Evaluate the physical condition: the structure, construction and mechanical systems.
  • Identify items that should be repaired or replaced.
  • Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.

However, remember that the home inspector will not estimate the value of your house. After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within five to seven days.

Although a home inspection is highly recommended, remember that an inspection is not an appraisal. A property appraisal is a document that provides an estimate of a property's market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.

FHA requires appraisals for three reasons:

  • To estimate the market value of the property.
  • To make sure that the property meets FHA minimum property requirements/standards (health and safety).
  • To make sure that the property is marketable.

FHA helps individuals and families become homeowners by providing lenders with mortgage insurance for certain loans.

FHA does not guarantee the value or condition of your soon to be home, and FHA does not perform home inspections themselves. If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, nor can it buy the home back from you.

That's why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified home inspector to thoroughly examine the physical condition of your future home and give you the information you need to make a wise decision.

Return back to the FHA Mortgage Center.com home or the FHA Lending Guide.