Many home buyers get a home inspection prior to purchasing a new home in NC. We think that’s a great idea, but recently, we’ve run into some last minute problems that you should be aware of! (ESPECIALLY if you are applying for a USDA RD Loan in NC!)
We first saw this problem last fall with USDA Home Loan Financing… now we are seeing it across the board!
Here’s the problem… if the investor, Chase for example, knows that there is a home inspection, they want to see it and they want all issues on the report fixed. Even simple stuff.
We are sometimes advising clients to avoid putting the home inspection on the HUD. Granted, this is a PROBLEM, because it means that if the borrower was going to pay for the inspection at closing or the seller was reimbursing the buyer at closing the buyer has to absorb the cost outside of closing.
But that could be a better scenario than having to do a bunch of insignificant repairs that the investor discovers the day of closing. Or worse – repairs that the buyer was going to do himself after the fact.
This is a great example of Lender Specific Guidelines. Each lender has their own requirements… and sometimes those requiremetns are Geo-Specific. But since we are seeing an INCREASING NUMBER of times where the Lender is asking for the Inspection Report and to see that all repairs are done… I think it’s something you should be talking to your lender about.
If you have questions about USDA Home Loans, and purchasing a home in NC – please call Steve and Eleanor Thorne, USDA Home Loan Experts in NC 919-649-5058
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