You pass the initial requirements for income, assets, credit, etc. The loan will first need to be conditionally approved. Read our article on FHA closing costs for a full understanding on how that is handled. The cost for the inspection may be included in the loan. Although there is no set national price for an FHA inspection, you should budget on the high. How much does an FHA Inspection Cost?Īn FHA inspection will likely cost you anywhere from $300 – $600 depending upon the location and size of the home. Read our article on FHA approved homes for more details on what is needed to meet the minimum property standards. Although the appraisal protects the buyer, its true intent is to protect the lender.Īn FHA insured loan will require you to have the FHA inspection and appraisal. The FHA inspection also verifies the true market value of the home.Ī standard non FHA appraisal simply verifies that the home value is at least as much as the selling price by determining the true market value. It is looking for structural issues, hazards, and makes sure the home is in good livable condition while meeting the FHA minimum property standards. What is the Difference Between an FHA Inspection and an Appraisal?Īn FHA inspection is an in-depth analysis of the home. If you are inquiring about the FHA inspection because you are selling your home, we can help you with your next purchase even if you are looking for a conventional loan or some other creative mortgage program. If you are selling a home and reading this to make sure your home can pass an FHA inspection, we can help with your next mortgage regardless of whether it is an FHA loan, conventional, etc Then, click to connect with an FHA lender who can provide you with a very competitive rate quote in all 50 states. We will help educate you on the FHA inspection and appraisal process. This inspection is paid for by the buyer and is more in depth than a standard appraisal. If you are buying or selling a home where an FHA loan is involved, you will need to be prepared for having an FHA inspection on the home.
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