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<br />US Department of Housing OMS Approval No: 2502-0538 <br />and Urban Development (exp.11/30/99) <br />Office of Housing <br /> <br />eederal Housing Commissioner <br /> <br /> <br />For Your Protection: Get a Home Inspection <br /> <br />Property Address <br /> <br />2091 Hillview Road, Mounds Vj._ew2.._MN 55~l~________________ <br /> <br />What the FHA Does for Buyers... <br />and What We Don't Do <br /> <br />What we do: FHA helps people become homeowners by <br />insuring mortgages for lenders. This allows lenders to offer <br />mortgages to first-time buyers and others who may not <br />qualify for conventional loans. Because the FHA insures the <br />loan for the lender, the buyer pays only a very low down- <br />payment. <br /> <br />What we don't do: FHA does not guarantee the value or <br />condition of your potential new home. If you find problems <br />with your new home after closing, we can not give or lend <br />you money for repairs, and we can not buy the home back <br />from you. <br /> <br />.hat's why it's so important for you, the buyer, to get an <br />mdependent home inspection. Before you sign a contract, <br />ask a qualified home inspector to inspect your potential new <br />home and give you the information you need to make a wise <br />decision. <br /> <br />Appraisals and Home Inspections are <br />Different <br /> <br />As part of our job insuring the loan, we require that the <br />lender conduct an FHA appraisal. An appraisal is different <br />from a home inspection. Appraisals are for lenders; home <br />inspections are for buyers. The lender does an appraisal for <br />three reasons: <br />. to estimate the value of a house <br />. to make sure that the house meets FHA minimum property <br />standards <br />. to make sure that the house is marketable <br /> <br />Appraisals are not home inspections. <br /> <br />Why a Buyer Needs a Home Inspection <br /> <br />A home inspection gives the buyer more detailed <br />information than an appraisal--information you need to <br />make a wise decision. In a home inspection, a qualified <br />inspector takes an in-depth, unbiased look at your <br />potential new home to: <br />. evaluate the physical condition: structure, <br />construction, and mechanical systems <br />. identify items that need to be repaired or replaced <br />. estimate the remaining useful life of the major <br />systems, equipment, structure, and finishes <br /> <br />What Goes into a Home Inspection <br /> <br />A home inspection gives the buyer an impartial, physical <br />evaluation of the overall condition of the home and <br />items that need to be repaired or replaced. The <br />inspection gives a detailed report on the condition of the <br />structural components, exterior, roofing, plumbing, <br />electrical, heating, insulation and ventilation, air <br />conditioning, and interiors. <br /> <br />Be an Informed Buyer <br /> <br />It is your responsibility to be an informed buyer. Be sure <br />that what you buy is satisfactory in every respect. You <br />have the right to carefully examine your potential new <br />home with a qualified home inspector. You should <br />arrange to have a home inspection before you purchase <br />your home. Make sure your contract states that the sale <br />of the home depends on the inspection. <br /> <br />I understand the importance of getting an independent home inspection. I have thought about this before I signed a <br />contract with the seller for a home. <br /> <br />. ;(~'--r~U-L <br /> <br />6 -l"')-OI <br /> <br />Signature & Date <br /> <br />xc:? ~ <br /> <br />Signature & Date <br /> <br />b /2CijO / <br /> <br />Form HUD-92564-CN <br />(6/99) <br />