August 17, 2017

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FHA Appraisals Versus Home Inspections

An FHA-assigned appraisal is a required part of the FHA home loan process. This appraisal insures the property being purchased with an FHA mortgage loan meets FHA standards and assigns a fair market value to the property.

But the appraisal does not make any guarantees that the home is defect-free. The borrower must pay for a home inspection to get a better idea of the true condition of the property, any hidden or possible defects, etc.

FHA loan applicants should definitely plan to pay for both an appraisal and a home inspection–the FHA appraisal is the mandatory expense, but the inspection is technically optional. But it’s an option that should never be passed up. Even though a property has been approved for an FHA guaranteed loan does not mean it is problem-free.

In spite of the fact that a property inspection fee comes out of the buyer

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