As you can see, there is a distinct difference between a home appraisal and home inspection. Both are crucial when going through the mortgage process. Both offer a more clear and objective assessment of your home, which allows one to improve its overall quality for the highest price.
A home inspection is primarily intended to protect the prospective buyer from purchasing a home with structural defects and other major problems. The home appraisal is meant to protect the lender from paying more than the house is worth.
· A Kentucky Mortgage Loan Officer that has closed over 600 home loans specializing in Kentucky First time homebuyer loans to include the following FHA, VA, USDA, Rural Housing, Down Payment Assistance Loan from Kentucky Housing Corp or KHC and the Fannie Mae Home Path HUD $100 Down Mortgage Program in Kentucky.
Baseball fans will know the answer to this one: What’s the difference. Mac’s Property Inspection Alternative (PIA), 2070/2075, and 2055/1075 are no longer accepted appraisal products. wells’.
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What is the Home Inspection? The home inspection is a much more detailed process. The inspector looks at every little area of the home. The inspector looks at the condition of the home as well as for any type of damage or potential damage that could affect your homeownership. Click to See the Latest Mortgage Rates. The inspector doesn’t just look at the surface.
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Fannie Mae does not directly offer mortgage loans but instead buy the mortgages from banks, credit unions, and other financial institutions so that they, in turn, can lend to more homeowners. Fannie Mae holds the lender responsible for the accuracy of both the appraisal and its assessment of the marketability of the property.
Homeowners who are “underwater” in their homes – owing more on their mortgage. Group in Gaithersburg. “If the family does not have any other assets, then a short sale may be the best solution. The.
· On September 1, 2009, the first phase of the washington state mandatory home inspector licensing program began. This is a major change to the home inspection industry in Washington, and a much needed measure of consumer protection for this critical piece of.