HUD, FHA Urge Home Inspections
DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 01, 2015
Starting Sept. 14, the U.S. Department of Housing and Urban Development is including a mandate that instructs lenders to inform borrowers when they first meet to get a home inspection prior to purchasing a home. The mandate will be added to the HUD/Federal Housing Administration Single Family Policy Handbook and will include a document called “For Your Protection, Get a Home Inspection.”
Read more: Inspecting the Inspectors
HUD has asked the American Society of Home Inspectors to provide buyers with information about why they should get a home inspection, why the FHA does not guarantee the value or condition of a new home, and information on radon gas testing and other safety and health issues.
“We are proud to provide critical inspection information for this handbook to help home buyers protect themselves,” says Frank Lesh, ASHI executive director. “Owning a home is one of the biggest financial investments in a person’s life, and a home inspection can help prevent costly problems.”