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Appraisal vs. home inspection. The FHA requires an appraisal (and so do many mortgage lenders for all kinds of loans, such as conventional loans), while an inspection is an optional but highly ...
For premium support please call: 800-290-4726 more ways to reach us. Sign in. ... For example, if you’re an FHA borrower who opts for a 30-year term and a 3.5 percent down payment, you’ll pay ...
A property inspection is a detailed visual documentation of a property's structures, design, and fixtures. Property Inspection provides a buyer, renter, or other information consumer with valuable insight into the property's conditions prior to purchase. House-hunting can be a difficult task especially when you can't seem to find one that you like.
Once the inspection is taken care of, your mortgage lender might conditionally approve your loan. This typically means the lender is waiting to resolve a few details or for other contingencies to ...
The FHA streamline refinancing program requires no repairs be made to the property except for the removal of lead-based paint. [6] For example, repairs to a roof, foundation or electrical wiring are not required for an FHA streamline refinancing. The FHA streamline refinancing program does not permit home owners to receive equity back as cash. [7]
Examples of punch-list items include damaged building components (e.g. repair broken window, replace stained wallboard, repair cracked paving, etc.), or problems with the final installation of building materials or equipment (for example, install light fixture, connect faucet plumbing, install baseboard trim, reinstall peeling carpet, replace ...
FHA mortgages and mortgage insurance are government programs intended to help first-time homebuyers and other in-need borrowers get loans to purchase homes. If you have a low credit score and can ...
Such examples require the understanding of and inter-relation with prospective values, retrospective values, and contemporary values. A lender may be considering making a loan to finance the construction of a house and may need to know the value of the collateral that will result.