Did You Know?

FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

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The "Optional" Home Inspection


The "Optional" Home Inspection
The home you want to buy might seem perfect, or it may have a few flaws that are acceptable in the grand scheme of things. But what about issues you can’t spot just by walking through the property a few times?

A home inspection provides an unbiased, expert assessment of the property's condition, uncovering potential issues that might not be noticeable to the untrained observer. Add the home inspection to your to-do list for best results.

Think of it as a comprehensive health check for your potential investment. You should only commit to a home after it has been reviewed by a qualified professional and not just an FHA fee appraiser.

Why Do You Need A Home Inspection? Examples

A couple is interested in a beautiful Victorian-era home. The appraisal confirmed the asking price was reasonable, However, during the inspection significant cracks were discovered in the foundation, suggesting expensive repairs. Thanks to the inspection, the buyers renegotiated the price.

Another example? A family looking for a larger home finds one in a popular area. The house’s freshly painted walls and modern kitchen suggested a well-maintained property, but after the inspection, the buyers learned of basement water damage and a history of flooding due to inadequate drainage. 

The buyers chose to pass on the home. That scenario may have worked out differently if they had relied on the appraisal alone.

A final example: A retired couple examined a property listed as having a newly replaced roof. However, the inspection report revealed some new shingles layered over old, damaged ones. Is that the definition of “newly replaced?”

These examples represent only a few issues a home inspection may reveal. While it might seem like an additional expense, it's a small investment compared to the potential costs of unforeseen repairs and problems.

Never Skip the Inspection
  • Uncover Hidden Problems: Inspections reveal issues that might not be visible during your walkthrough.
  • Negotiate Repairs or Price: The inspection report provides leverage to negotiate repairs or a lower price.
  • Avoid Costly Surprises: This can save you from expensive repairs after you move in.
  • Make Informed Decisions: You should fully understand the property's condition so that you can make an informed decision about your purchase.
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FHA Loan Articles

Quiz: Selling the Home Purchased with an FHA Mortgage

What does it take to sell a house purchased with an FHA mortgage? Are there special rules, restricrtions, or added considerations? We examine some key questions and their answers to FHA real estate sales issues.

Issues to Consider When Selling Your Home to an FHA Borrower

If you are selling a home, you may need to negotiate with buyers to fund their purchases with an FHA mortgage. What do you, as a seller, need to know about FHA mortgages and how they may differ from conventional loans? We examine some common issues.

FHA Home Loan Interest Rate Factors

How much do you really know about how FHA home loan interest rates are set and what factors influence them before your lender makes you an offer? We explore some key points about FHA loan rates, FICO scores, and debt ratios.

20 Questions About Using A Co-Borrower On Your FHA Mortgage

Adding a co-borrower to your FHA is a way to offset fears that you won't qualify for the mortgage on your own. An FHA loan co-borrower with a more substantial financial profile may offset the primary borrower's weaknesses, demonstrating a reduced risk to the lender. But for an FHA loan, don't assume that one borrower with good credit scores can offset one with non-qualifying scores. We ask 20 questions about co-borrowing to help you better plan for your FHA loan.

Why You Should Use a Mortgage Calculator

Even if you aren’t considering your home loan options right this second, it’s smart to know your options if you decide to pursue a new home later. To that end, using a mortgage calculator is a smart choice for setting some basic budgeting parameters as you plan your path toward home ownership. A mortgage calculator helps you plan for future financial scenarios, such as buying new or refinancing a current home.

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