Is this something you guys just include with a normal home inspection? Is it a separate inspection altogether? Got a call earlier asking me about a home inspection and then they asked if I did HUD inspections or if I was certified to… don’t remember exactly what they said.
Was looking at some paperwork about HUD/FHA loans and it says that a home inspection is used to “estimate the remaining useful life of the major systems,
equipment, structure, and finishes”… I thought that was against our code of conduct or frowned upon?
Edit:
What is the deal with these inspections?
Do I have to be approved or certified to do these?
Kevin
Do a message board search on this and you will have a weeks worth of reading.
There are a number of different types of FHA/VA inspections. If it is simply for a FHA loan, there is no requirement. If it is for a FHA 203K loan (buyer is borrowing money for improvements along with the mortage) there are requirements…etc
Go to HUD website, look up the form to get on their roster, I don’t recall what form it is, it was over 3 years ago that I sumbmitted mine to become a 203K consultant and an HUD/FHA Compliance Inspector. It is an application with years experience, etc…hold on, just found it… HUD OMB Approval No. 2502-0538 (exp. 7/31/2009). I believe there is an updated one now. Once you are on the roster, you are there for life unless you do the dirty deeds and get kicked off. The 203K’s are like a home inspection (which is required by most lenders) and then a report with any of the 35 items needed to be repaired. It is a little more entailed than just inspecting. Hope this helps.
Also, the HUD/FHA Compliance Inspector is for Manufactured Homes that require an engineer’s cert/report. Another thing is that I believe in order to be on the roster, you now have to be licensed as an HI.
"If it is simply for a FHA loan, there is no requirement. If it is for a FHA 203K loan (buyer is borrowing money for improvements along with the mortage) there are requirements…etc "
but didn’t know how to ask it.
I was looking on the HUD website while I made that original post and was getting confused by what the inspectors duties were VS. the appraisers duties. Seems like the appraisers are doing alot of inspecting type stuff for HUD/FHA as well.
I would like to stay away from estimating repairs and just stick to inspecting. So correct me if im wrong, but in that case I should just do the inspection for normal buyers rather than people applying for FHA 203K loan.
Appraisers are doing just that, appraising. Unless they are certified and/or licensed and qualified, that is all they do. 203K Consultants do the inspection (again, most lenders require a full home inspection) and then type up sometimes a very lenghtly report. Most people buying forclosed homes do need work and this program gives them extra money at a lower interest rate to help with the repairs and include additional buyer desired upgrades such as appliances, cabinets, flooring, additions, etc. only if money is still available and the appraisal comes in to allow for all of it.
Kevin
you got it. 203k requires you to be on the roster of inspectors.
Buyer going FHA with no improvement money is just a home inspection.
There are a number of other types as well.
another type…usually low/moderate income with down payment assistance may require a HUD HQS inspection (housing quality standards).
This is very, very basic, example - the kitchen and bath must have a fixed light source - wall or ceiling mounted. No extension cords or lamps as main kit and bath light source.
The kitchen must have adequate space for food storage and preparation. ( cabinets and counter top).
You must have water in the kitchen. ( can not use the bath tub for washing dishes.)
well…you get the idea.
Lender will usually accept HQS inspection from a home inspector, although they will require it be filled out on HUD 52580 .There is also a HUD certification available for this but usually not required by lenders.
I don’t know much about it. I have inspected a lot of FHA and 203k and was told by the buyer and the realtor that the appraiser needed to be on the roster. Not one of my clients ever had to get a seperate inspector besides me. Like I said…I dont know much about it but that has been wat I have seen.