Why FHA Appraisal Is Not Enough
Okay, so you're wondering why you paid for an FHA appraisal and home inspection report too.
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You found your dream home. Your mortgage lender requires an appraisal. Your Realtor says every smart buyer uses a home inspection checklist. Why both?
FHA Loan Requirements
The truth is FHA does not guarantee the condition of your home. An FHA appraiser estimates the home's value to verify the sales price is reasonable for the neighborhood. The appraisal makes sure the house meets minimum FHA loan requirements.
Simply put, the FHA appraisal is for the mortgage lender.
Home Inspection Checklist
On the other hand, a home inspection report is 100% geared to a home buyer. Not only does it evaluate the general condition of a home, it points out what needs repairing or replacing, from toilet seal to roof.
So impress your Realtor and surprise your mortgage lender. Just happen to let them know you understand an appraisal is for the mortgage lender and the home inspection checklist is for you! And rest assured, both the FHA appraisal and the home inspection report are necessary for buying a house.
Streamlining FHA Mortgage Loans
There's so much more to discover about FHA mortgage loans. I've made it easy for you! Go next to FHA Streamline Refinance.
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