What are the FHA requirements when it comes to the inspection of a property? Do we need termite? What about Radon?
P.S. This is for a Philly area property. Thanks BP!
If your contract mentions the inspections you must get clear reports. If not mentioned it would be a roll of the dice with the appraiser. If there is visible dry rot, peeling paint or railings that wobble expect the termite. How old is subject? Condition? I'm saying the over is 90% you need inspections if built before 1980
Don't need termite or radon. Chipping paint both interior and exterior is a big focus, handrails on steps 4 or more or larger drops (porch for example). Property needs to meet general safety and functionality items such as running water, heat etc. Hot water heater needs a TPRV discharge tube terminating less than 6 inches from the ground. Appraiser is the one verifying these items too, NOT the home inspector.
@Jason Polykoff - FHA checks for basics
1.) Does the water work and are there any leaks
2.) does the roof have useful life (2+ years)
3.) are there any damages to the walls
4.) do the appliances work?
They're looking to make sure you don't immediately walk into needing to spend money on the house because that will jeopardize your ability to pay the loan (plus they basically own the asset at 96.5% LTV)
Thank you for the feedback everyone!
* The foundation must be structurally sound.
* Water must drain away from the foundation.
* Utilities, including water, sewage, heat and electricity, must be turned on during appraisal.
* All appliances must function properly.
* Water pressure must be adequate, with hot and cold water available.
* Paint cannot be chipping, peeling, flaking or otherwise defective.
* Electrical outlets and switches must function properly.
* Windows must open, close and lock.
* Roofing cannot leak and must have at least two years of life remaining.
* Attics and crawl spaces must have vents and be free from damage.
* No active termite infestation.
* The property must be reasonably free from environmental hazards, odors and excessive noise.