How Does the Inspection Process Differ With FHA Loans?
An FHA Loan is a great mortgage program that offers loan terms that extend home ownership goals to more potential Spokane homebuyers. The most recognized benefits of FHA loans include lower down payment requirements and less stringent credit score requirements.
FHA loans are programs offered by the United States Department of Housing. Because the loan is backed by this agency, it sets the qualifying parameters for the loan. One of these parameters is that the property being purchased must meet minimum property standards set by the Department of Housing. This means that an inspection must be performed in the home purchase process; it cannot be waived like it can with other loans.
