Q. I am getting an FHA loan and there will be an appraisal. Isn't the appraisal inspection adequate?
A. An appraisal is an estimate of market value of the property and is used to set the maximum amount the lender will lend on the property. While the appraiser does look at the GENERAL condition of the house and is supposed to list those items needing repair when the house is financed with an FHA insured loan, the appraiser is not a home inspector. A Professional Real Estate inspector is better trained and more experienced at inspections and looks at more things and in greater depth.
Q. Will FHA help pay for the cost of the inspection if I am getting an FHA loan?
A. Paying for the inspection will be your responsibility. However, the FHA believes inspections are a very good idea and therefore will allow most , if not all, of the cost of the inspection to be used to satisfy the FHA's cash investment requirements when buying the house.
We have provided the following independent links to help you make an informed decision:
http://www.doityourself.com/stry/fhainspections
http://www.pueblo.gsa.gov/cic_text/housing/inspection/home.htm
Below you can see a sample FHA Inspection checklist. As you can see it is NOT as comprehensive as generally required.
