Are you in the process of buying a home and wondering, do lenders require home inspections in order to get a mortgage on a property? Do you need a home inspection for fha loan? Is a home inspection required for a conventional loan? In this video, we answer those questions and discuss why it’s critical that you get a home inspection when buying a home.
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Do mortgage lenders require a home inspection?
No, conventional, fha and VA lenders do NOT require a home inspection but that doesn’t mean that you shouldn’t get one. As a real estate professional who has been in the business over 15 years, I would always suggest a home inspection even if it’s on a new construction property. Home inspectors are paid to find problems whether it be cosmetic or something more serious and knowing this before you purchase the home could help you make a logical decision in deciding on whether or not to move forward with your real estate purchase.
While mortgage lenders do NOT require home inspections, they will still be inspected by the appraiser when the appraisal is completed on the property. That means that the property has to be in livable and habitable condition. If your purpose of avoiding the home inspection is to try and get around the fact that the home is in need of a lot of work or not livable avoiding the home inspection is not going to help you in securing a mortgage on the property as it will likely be pointed out in the appraisal. Keep in mind that there are loans like the FHA 203K loan that allow you to buy a home and then do work on it by financing the upgrades. For more information on that, see the video below.
Is a home inspection required?
As I mentioned above, No, mortgage lenders do not require a home inspection but my question to you is why don’t you want to do a home inspection? Is it because you don’t have the additional funds to pay for the home inspection? If that’s the case, then you probably shouldn’t be buying a home. Is it because the home looks great and was just remodeled or flipped? Even more of a reason to get a home inspection.
I have never come across a case in my career where I didn’t think a home inspection was necessary. Doing a home inspection could likely save you way more money in the long run that it would cost you to have it performed upfront.
Are you in the process of buying a home and have questions about home inspections? If so, please comment below or contact me directly.
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