November 18, 2010
There are two specific fees associated with government home loans that a borrower should anticipate paying for. One is to cover the cost of an FHA appraisal, the other is for a home inspection. The home inspection is voluntary, and the FHA appraisal is required as part of the FHA loan process.
A home inspection may be voluntary, but smart house hunters don’t consider the inspection optional. The home inspection gives the buyer the ability to purchase the home with confidence, knowing they have had a trained set of eyes review the property and report any shortcomings, defects, flaws or potential problems the buyer might encounter once they’ve purchased the home.
But why does the property have to be reviewed twice?
FHA appraisals are quite different than home inspections.According to the Department of Housing and Urban Development, “A property appraisal is a document that provides an estimate of a property
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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