FHA Home Inspection | If you’re applying for a 203k loan, it goes without saying that a home inspection is strongly recommended. However, a 203k Consultant is mandatory. A surprising number of individuals don’t understand the difference between an FHA inspection and a regular inspection. Here are a few key differences you should know about:
The End Goals of the Inspection Process
A 203k loan is backed by the federal government via the FHA. Consequently, an FHA home inspection seeks to ascertain the core value of a property. Normal home inspections are more about warning buyers of potential problems that might impact re-sale value.
Scope and Specificity of the Inspection
For the most part, FHA home inspectors and 203k consultants are concerned with structural issues and health or safety problems. Run-of-the-mill home inspectors focus more on cosmetic issues that would impact a town or county tax appraisal.
Licensing Requirements for Inspectors
In many states, regular home inspectors aren’t licensed or certified and don’t need to meet any stringent qualifications. FHA home inspectors must be licensed by the State, certified by an agency that specializes in Home Inspection, and approved by HUD.
Ability to Choose a Specific Inspector
Generally speaking, regular home inspections are voluntary. Even still, Home Inspections are governed by law and specialized agencies. They cannot be performed by anyone. FHA home inspections for the purposes of obtaining a 203k loan are performed by FHA-approved inspectors chosen by HUD and FHA with even more stringent criteria for the inspector to meet.
The Costs of the Inspections Themselves
For the most part, an FHA inspection will cost a little bit more than a regular non-FHA home inspection. The good news is that positive FHA inspections will enable buyers to secure solid loans at attractive interest rates.
FHA and 203k Home Inspections Done Right
If you’re trying to qualify for a 203k loan on a property, it’s often best to call in an experienced 203k consultant before the appraiser kicks the tires. They’ll save you time and more importantly money in the long run.
At Beryl Project Engineering, we can provide you with our expert home inspectors. Proudly serving the Greater Tampa Bay Area to include Hillsborough, Pinellas, Pasco Counties, Tampa, St. Petersburg, Clearwater, Brandon, Plant City, Palm Harbor and Lakeland. Contact us at: 813-358-0445 to book today.