FHA Updates Home Warranty and Inspection Requirements

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Summary of Changes to Warranty Requirements. According to FHA and HUD officials, this policy change is being made to streamline the "home warranty requirements for FHA single-family mortgage insurance by removing the policy guidance that require borrowers to purchase 10-year protection plans in order to qualify for certain mortgages on newly constructed single-family homes."

FHA updates home warranty and Inspection Requirements – The federal housing administration (FHA) has issued two mortgagee letters that update its guidelines related to home warranty and inspection requirements for single-family fha loans. Mortgagee Letter. 2019 What are the FHA Home Inspection Requirements?

It cancels the requirement that home buyers / borrowers purchase a 10-year protection. The warranty requirement changes outlined in ML 2019-05 specifically. FHA officials have determined that the property inspection.

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FHA Repair Requirements and Guidelines for FHA Loans. The property acts as collateral for a loan that the FHA is backing. The home must be in reasonably good shape so it can be sold if you should default on the loan.. The Consequences of Home Inspections That Don’t Cover Everything. Our.

Under the one-year warranty, the FHA said "the warrantor agrees to fix and pay for the defect and restore any component of the home damaged in fulfilling the terms and conditions of the warranty."

Home inspections. A home inspection is not required for a home loan. The appraisal the lender receives is enough to show the property meets the FHA requirements. However, an FHA inspection is highly recommended. The appraisal does not check certain health and safety features such as, operating ceiling fans or light fixtures.

FHA Updates Home Warranty and Inspection Requirements – Mortgagee Letter 2019-04 eliminates the FHA Inspector Roster, effective Aug. 2. In its letter, the FHA explained that for "local jurisdictions that do not provide building code enforcement and. Federal Housing Administration loans are mortgages insured by the FHA program.

FHA Loan Articles. Furthermore, borrowers should not assume that a 10-year builder’s warranty, where present, is sufficient to cover the cost of correcting problems not detected at appraisal time. Much will depend on the actual terms and conditions in the legally binding documents you sign at closing time.

New homes must be sold with a warranty from the builder.. GRI, Fitness & Nutrition Coaching Certificate; Updated November 20, 2018. For an existing home, the property must be inspected by an appraiser with an eye to major structural or.