What specific inspections do FHA 203K loans require?

Standard FHA Appraisal and home inspection from license home inspector and or General Contractor for work to be completed. From the inspection standpoint we are concerned about any health and safety issues that needed to be addressed. Contact me so I give you specifics based on your particular deal.

Great day to you. An FHA 203k has two programs: streamline and full. streamline is for less renovation. A licensed general contract is required and a licensed inspector. The FHA loan and appraisal wants to make sure that the home is safe and structurally sound. I would recommend that you contact your local mortgage broker that offers the 203k program and discuss options.

The "specific's" would be too vast to list here.. but in general, FHA requires you hire an FHA consultant to oversee the project. The consultant is a disinterested 3rd party who job is to be sure that all the repairs/improvements are being completed in a workmanlike manner, and to be sure that all structural / safety / health issues are addressed. Example:.. the roof is 15 years old and at the end of it's life, but you want to remodel the kitchen.. the FHA consultant might require that you replace the roof as well.. even though you don't feel it's necessary. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

FHA 203k loans (buy it and fix it in one loan) requires just the standard FHA Appraisal. You can, and should always get a pre-purchase inspection, but this is voluntary, not required. In MN, SD, or Wi - Visit http://joemetzler.com/203k-loans-in-mn-wi-sd.htm

All the answers are correct. If you would like more details please feel free to contact me directly at themortgagegroup1@gmail.com

Ah yes, the wonderful FHA 203K rehabilitation loan which can add so much valueto the purchase of a home! It is far from simple, however. It is so important you get everything done right from the get go. Inspections are part of the process and that starts with a good home inspection. If it is easy to tell that you are going to be going higher than $35,000 in rehab. work it is essential to have the certified FHA Consultant involved. You can choose your own contractor but they often have people they can recommend as does your experienced FHA 203k lender. A good consultant should be inspecting to make sure the work is getting done and reported back to the lender. You should only have to pay for the consultation and the home inspection once and there should be enough money set aside so as not to run out. You may decide you also want new flooring, new appliances, etc. in addition to the work that must get done per the initial home inspection. Make sure you get all you want done while you can. As a lender I find the additional challenges of the loan quite interesting!