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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 ...
An inspection report should be used to better prepare you for the house you're about to purchase, as well as tell you if there are any reasons the property may be more trouble than it's worth.
The purpose of obtaining a certificate of occupancy is to prove that, according to the law, the house or building is in liveable condition. Generally, such a certificate is necessary to be able to occupy the structure for everyday use, as well as to be able to sign a contract to sell the space and close on a mortgage for the space.
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.
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FHA loan: Insured by the Federal Housing Administration, FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, or a credit score as low as 500 ...
Once you understand why a home might fail inspection, you can better formulate a repair plan. Here are 15 common things that may come up and what you can do to address the issues.
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. FHA mortgage insurance protects lenders against losses. [1] They have historically allowed lower-income Americans to borrow money to purchase a home that they would not otherwise be able to afford.