FHA Home Inspector
FHA Home Inspector – Dealing With the FHA | The Federal Housing Administration (FHA) provides mortgage insurance on FHA loans that protects lenders in a default situation. To make sure a home meets its minimum property standards, FHA requires that the home meets the 3 S’s:
• Safety – Is this home safe? At a minimum, the home must be found to be safe and meet health standards;
• Security – Is this home good security? The home serves as collateral for the loan and in order to receive FHA financing, a borrower must obtain an FHA home inspection to show that the home is in good physical condition with no defects or repairs needed;
• Soundness – Is this home sound? The home should be structurally sound with no physical deficiencies, such as a cracked foundation.
The role of the FHA home inspector is to show the state of the property by doing a thorough physical inspection and providing a report that answers the 3 S’s. If the report’s findings conclude a “no” answer to any of the 3 S-questions, FHA will not insure the mortgage.
FHA no longer requires repairs to cosmetic defects or normal wear items if the findings do not affect the 3 S’s. These include, but are not limited to:
• Chipped or peeling paint
• A leaky faucet
• Worn cabinetry or counter tops
FHA inspectors are expected to note everything they see and test. Is there evidence of contaminated soil? Are there more than 3-layers of roofing? Is the location of the home beneath or in proximity to high voltage power lines? FHA wants these questions and more addressed in an inspection report that a certified FHA home inspector knows how to complete. If the home inspector is not FHA-certified, the inspection report will not meet the lender’s guidelines for FHA financing and you’ll have to obtain another inspection by an inspector that is FHA-certified. Do it right the first time and obtain a home inspection for FHA financing with a certified FHA home inspector.