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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 recommended step. Appraisals also ...
FHA inspection and property requirements. FHA loans include a process in which a HUD-approved appraiser must assess the property to verify its market value and compliance with HUD’s basic ...
FHA loans require a minimum FICO score of 580 to qualify for 3.5% down or 500 for 10% down. [citation needed] Additionally, the lender checks the financial history of the person getting the loan to see whether they have been delinquent on loans owed to the U.S. government; if they are, they do not qualify for a FHA loan. [2]: 131
A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings.
The Federal Housing Administration (FHA), also known as the Office of Housing within the Department of Housing and Urban Development (HUD), is a United States government agency founded by President Franklin Delano Roosevelt, established in part by the National Housing Act of 1934.
Inspection and property requirements. FHA loans include a process in which a HUD-approved appraiser must assess the property to verify its market value and compliance with HUD’s basic property ...
Frass (termite droppings): Subterranean termites push out their waste, known as frass, through small holes in the infested wood. It looks like tiny pellets and can accumulate below the infested area.
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]