The Home Buyer's Korner

Information presented should be used for educational purposes only.

September 16th, 2014

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Serious Home Defects & FHA Mortgage

fha

Home owners are strongly encouraged to pay for an optional home inspection by a trained professional when considering the home for purchase and never rely on the results of an appraisal alone.  An FHA appraisal is not intended to declare a home free from defects.  The FHA appraisal simply establishes a fair market value for the property and insures it lives up to minimum FHA standards and local building code.

The appraisal is not an inspection–home inspections are far more complete and devote more attention to areas such as the roof, plumbing, foundation, etc.

When a home passes the FHA appraisal process, it has been reviewed by an FHA appraiser, but not INSPECTED. A home inspection is normally at the option of the home  buyer and most often paid by the home  buyer, but the peace of mind you get once this process is over is well worth the expense.  Securing home inspection before you purchase a home can save thousands later on.

Home buyers who secure an independent home inspection and later find the home has serious issues should contact the FHA at once at 1-800 CALL FHA, but may also need legal advice in the event that fraud, neglect, or other problems as they become evident. The FHA won’t be able to give legal advice to a home owner, but can advise on whether FHA loan rules were violated and what recourse a borrower has, if any  in cases where loan rules were broken

HOME OWNERSHIP TOOLS

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

You Mortgage Loan Officer, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMEPATH RENOVATIONS

Rebuilding the Dream of Home Ownership

Fannie Mae HomePath has No Mortgage Insurance up to 95% LTV

Up to $35K for Home Improvements, Renovations or a Simple Remodel

Your Mortgage Loan Officer, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Your Mortgage Loan Officer, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner; click on “File”; then click on “Print”.  In the center of the screen you will have the option to “Create A Printable PDF of the Presentation”.

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