- Live Rates
- Mortgage Refinance
- Contact Us
Home buyers have plenty of questions, and rightfully so. After all, buying a home is a huge financial endeavor, so you’ll want to make sure you go into the process armed with as much information as possible.
Today’s question: Is a home inspection required when getting a mortgage loan in Washington State?
The short answer is no, a home inspection is generally not required when applying for a home loan in Washington.
A property appraisal, on the other hand, is almost always required when a mortgage loan is used to buy a house. Banks and lenders rely on professional appraisals to determine the market value of the house, before finalizing and funding the loan.
Many home buyers in Washington pay for a comprehensive home inspection before purchasing a house. It’s a wise investment, especially when you consider how much is on the line during a real estate transaction.
But what is a home inspection exactly?
Definition: a home inspection is a thorough and detailed evaluation of a house to determine its current condition. They’re a common part of the real estate process. Inspectors examine various aspects of a property, including the foundation, roof, electrical and plumbing systems, and more.
In Washington state, home inspections are not required for a mortgage loan. But they’re still a worthwhile investment because they shed light on the true condition of the property.
The average home buyer does not have the training or expertise to fully evaluate the condition of a house. That’s where home inspectors come into the picture. These individuals receive specialized training to evaluate residential real estate and to identify potential issues and items needing repair.
While a home inspection might not be required for you to obtain a mortgage loan, a property appraisal probably will be.
In Washington state, home appraisals are almost always required when a mortgage loan is used to buy a house. The lender wants to ensure that the house is worth the amount the buyer has agreed to pay. Since the home is being used as collateral for the loan, the property value must justify the loan amount. And that’s the purpose of the home appraisal.
The FHA loan program is a little different. The Department of Housing and Urban Development (HUD) requires all FHA borrowers to have a home appraisal when buying a house with an FHA loan. But they do not require an inspection. With that being said, the FHA appraiser will review the condition of the property to ensure that it meets HUD’s minimum criteria. Learn more about FHA inspections.
Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region, including Oregon, Idaho, and Colorado. We have been offering a variety of mortgage programs to buyers since 1992. Please contact us if you have mortgage-related questions.
The mortgage crisis left many people unsure of what they need to do to secure a home mortgage loan in today’s economy. From credit score concerns to down payment questions to picking the right type of loan, there are many…
Summary: This article discusses the Blue Water Navy Vietnam Veteran’s Act that was recently signed into law by President Trump. It provides health benefits for veterans and also makes several important changes to the VA loan program, including eliminating loan…