FHA reverse mortgage inspection

FHA inspectors look to see if a home is safe and habitable for occupants.FHA inspectors look to see if a home is safe and habitable for occupants.

With an FHA mortgage, there are several property conditions that must be met in order to have loan approval. Properties chosen by borrowers seeking an FHA loan undergo an inspection to determine the condition of the property and make sure it meets the health and safety standards set forth by the Federal Housing Authority (FHA). It ensures that the home is habitable and safe to be occupied. The inspection is paid for by the borrower and must be performed by a licensed FHA inspector.

Structural Inspection Items

During an FHA inspection, the property will be checked for issues regarding the foundation, walls, floors, roof, paint and drainage. Inspectors will examine the walls, ceilings and floors for major cracks or holes, evidence of notable water damage and other conditions that could affect the integrity of the foundation or framing. The roof is inspected for missing or damaged shingles and indications of leaking. Inspectors also make sure that the grading of the lot drains water away from and prevents standing water from accumulating around the structure, according to Teri Marshall, senior loan officer with Huron Valley Financial in Michigan.

Mechanical Items

Inspectors will examine the electrical, heating and plumbing for signs of defective or inoperable systems. Electrical systems are inspected for operating switches and outlets, and wiring that is not frayed, loose or exposed. While functioning air conditioning is not required in FHA inspections, the heat must turn on and be in working condition. Inspectors check the plumbing for running hot water, any leaks and issues with the water pressure, according to the U.S. Department of Housing and Urban Development. In addition, toilets, sinks and bathtubs or showers must be present and functioning during the inspection.

Higher rates = Higher Home prices?

2011-08-23 15:15:52 by irvinerealtor

The Federal Housing Administration (FHA) will reduce single-family loan limits in the highest-cost metropolitan areas from $729,750 to $625,500 starting Oct. 1. The reduction, announced Friday afternoon, will affect 669 of the 3,234 jurisdictions in which the FHA insures loans.
The current floor loan limit in areas where housing costs are relatively low will remain unchanged, at $271,050 for one-unit properties. The mortgage loan limit and maximum claim amount for FHA-insured reverse mortgages will also remain unchanged, at $625,500.
The current maximum loan limits were to be retired in January 2009, but legislation delayed implementation of the loan-limit...

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