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Requirements For An FHA Loan Inspection

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What do you know about the FHA or Federal Housing Administration?

The FHA is the one responsible for insuring millions of mortgages and guaranteeing the losses of lenders in cases where the borrower’s default. When it comes to the insurance from FHA, a lot of first time home buyers can afford to buy houses because the down payments can go as low as 3.5 percent.

However, there is one thing you have to know about FHA. It won’t insure any mortgage until an appraiser will inspect and check the house if it meets the standards of the FHA. If there are problems found, these have to be fixed so that FHA will insure a particular home loan.

If you want to buy a house and ask for an FHA loan in Texas, then you need to know the following requirements.

Building Codes

Houses up for sale should meet the building codes that are recognized nationally before having a mortgage that’s insured by FHA. This is according to the Department of Housing and Urban Development (HUD) of the United States. The inspector will use the standard according to what the local government uses. In cases where there are no building codes, the area office of the HUD will then choose the code that they will use.

Security and Safety

Contrary to what people think, FHA inspectors are more concerned about the features of the house that can put the homeowner at risk instead of the cosmetic repairs needed for the house. Some of the dangers and conditions include damage in the home’s foundation, sub-flooring that are exposed, leaking roofs, and lack of entrance and exit ways from the bedroom. As such, if you want to apply for an FHA loan, check these beforehand.

Durability

When it comes to durability, the building code guidelines don’t include these. However, the property standards of FHA require the lifespan of the home’s paint, gutters, doors, windows, cabinets, as well as the carpets. This ensures that the value of the house will not quickly go down when the features mentioned above depreciate.

You can also use these to inspect the house of your dreams before purchase so you are sure that you are not buying a property that will depreciate in just a few months. That will suck if it does happen so keep your eyes open.

Site Hazards

The appraisal of the checklist of FHA includes some details on the house’s surroundings. The inspector ensures that there are no natural gas lines or high-pressure gasoline a few feet away from the property. Also, there should be no sinkholes near the property, poor drainage soil contamination or storage tanks that have more than 1,000 gallons of any flammable material.

Always check that the house you want to buy meets the property standards of FHA or you can ask the seller to fix any problems so that the FHA will agree to insure your loan.

So did you have a bit of an understanding when it comes to the requirements of FHA loan inspection?

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