Some future home buyers may be confused about the difference between a home inspection and a home appraisal. While they sound like they are the same thing, they are very different in reality. The two serve different purposes. A home inspection is optional; while an appraisal is required by a mortgage lender.
To qualify at either level, you must have a CHFA mortgage. “For all the people who don’t know that these programs exist, and don’t know what they’re really qualified for, out of that significant group.
Appraisals are done by the Lender’s appraiser and give a value for the property that the lender will use to base how much they are willing to loan on the property. Hopefully, this value matches or exceeds the sales price you have agreed to. The home inspection is done by a professional home inspector.
What is the Home Inspection? The home inspection is a much more detailed process. The inspector looks at every little area of the home. The inspector looks at the condition of the home as well as for any type of damage or potential damage that could affect your homeownership. Click to See the Latest Mortgage Rates. The inspector doesn’t just look at the surface.
Many people automatically have reservations when it comes to hiring an additional professional to help with their home search — after all, before the process is done, you’ll probably pay a real.
As you can see, there is a distinct difference between a home appraisal and home inspection. Both are crucial when going through the mortgage process. Both offer a more clear and objective assessment of your home, which allows one to improve its overall quality for the highest price.
A rehab loan finances the costs to renovate your home along with the purchase price. It bases the appraisal on the plans for repairs. This is because of the difficulty in obtaining private mortgage.
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An FHA Inspection Determines a Home’s Value. Many home mortgage loans are backed and insured by the Federal Housing Administration. Because the lender isn’t there to see the property firsthand, set of eyes and ears on site is important.
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