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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 ...
Two copies of the list were punched at the same time, in order to provide an identical record for the architect and contractor. [4] A rolling punch list is the most common approach towards managing these tasks efficiently and thereby minimizing the likelihood of having to grapple with large number of punch-list items at the end of a major project.
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.
Phase II Environmental Site Assessment is an "intrusive" investigation which collects original samples of soil, groundwater or building materials to analyze for quantitative values of various contaminants. [11] This investigation is normally undertaken when a Phase I ESA determines a likelihood of site contamination.
Credit score minimum. 620. 580 with a 3.5% down payment or as low as 500 with at least 10% down. Down payment minimum. 3% for fixed-rate loans; 5% for adjustable-rate loans
The Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and Department of Agriculture (USDA) back mortgage programs that are often an option for first-time homebuyers.
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FHA loans are also appealing to cash-strapped buyers because of the FHA’s flexible standards on who pays for closing costs. You could be eligible for seller credits — meaning the current ...