Different loan types require different inspections. Here is your easy guide do which inspections you’ll need based on your loan type.
Termite, radon, septic, and well Inspections are only required for FHA loans if the contract or the appraisal specifies that they need to be done. Private road maintenance agreements are always required for FHA loans and appraisals are valid for 120 days.
VA loans always require termite, septic, and well inspections as well as private road maintenance agreements. Radon inspections are only required if the contract of appraisal specifies that it needs to be done. Appraisals done for VA loans are valid for 180 days.
For conventional loans the termite, radon, septic and well inspections are only required if the contract or appraisal specifies that they need to be done. The private road maintenance agreement is always required and the appraisal is valid for 120 days.
The FHA does not require the repair of cosmetic or minor defects, deferred maintenance and normal wear if they do not affect the safety, security or soundness of the home. The FHA says that examples of such problems include but are not limited to the following:
A mortgage pre-approval letter is a written statement from your lender stating that you should qualify for a particular mortgage program up to a certain loan amount, but it does not guarantee your loan.
Why does your credit score matter? Because when you apply for a mortgage to buy a home, lenders want some reassurance a borrower will repay them later! One way they assess this is to check your creditworthiness by scrutinizing your credit report and score carefully. A high FICO rating proves you have reliably paid off past debts, whether they're from a credit card or college loan. (Insurance companies also use more targeted, industry-specific FICO credit scores to gauge whom they should insure.)
Your debt-to-income (DTI) ratio helps lenders figure out how (or whether) a home purchase can fit into your financial picture. To calculate your DTI ratio, you simply divide your ongoing monthly debt payments by your monthly income.