Is it worth paying for a home inspection to prove a house will qualify for FHA?

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I’m looking at a house that the mortgage company in possession of the house claims will not be approved for an FHA type loan. The mortgage company is in California and the house is in the St. Louis area. They probably bought the mortgage from another bank and have never seen the house. How do I know if there is actually something wrong with the house to disqualify it or if the mortgage company, since it is a foreclosure, is just assuming it won’t qualify?? I had a contractor unofficially look it over and he didn’t see anything that would stop the sale. Is it worth paying for a home inspection to prove to myself and the bank that the house is in sound shape?? The letter they sent my realtor looks like a generic statement/explanation and not specific to the property in question.

  1. Reply
    May 4, 2011 at 4:26 am

    Yes, I have heard so many stories of people that don’t and end up having to spend a fortune on repairs. Also, if there is something wrong, you have a great bargaining tool! Good luck!

  2. Reply
    col. Kurtz
    May 4, 2011 at 5:20 am

    How ’bout paying an FHA approved appraiser to do some sort of “Inspection Summary” letter outlining thier observations as to whether or not that home will pass muster!

  3. Reply
    That One Girl
    May 4, 2011 at 5:47 am

    As far as I know, at least in Washington State, it is required to get a inspection before buying. There are things they need to check specifically that you might not think of. The reason having an unofficial contractor checking doesn’t count is people can easly have their friend take a look who actually doesn’t know a thing about it. It’s not that they think it’s a bad house, it’s just a requirement for everyone.

  4. Reply
    May 4, 2011 at 5:49 am

    FHA has certain minium qualifications for homes to be insured by them for loans. Having an inspection, won’t satisfy that requirement. What you might consider is talking with Wells Fargo about an FHA 203K loan to make repairs. Or a lender that handles the 203K loans programs. Otherwise, I would suggest you center your search on Fannie Mae and Feddie Mac foreclosures, they have programs for fix up. Both have their own websites where you can learn about their loan programs and check out their properties right on line.

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