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does a home have to pass home inspection first, before a bank would consider providing financing?

  • April 29 2012 - Tuckerton
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Answers (4)

Profile picture for TopNJAgent

Banks generally do not require a copy of the inspection report - but will require a clean wood destroying insect report. So if evidence of wood destroying insects is found, then a treatment will be required and certification issued for the bank to proceed.

If the loan is FHA, they may require an inspection - FHA allows the borrower to put little down and so the bank owns even more of the property - hence a heavier burden on ensuring that certain inspection matters are in order.

  • May 17 2012
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Some do some don't and same applies to insurance companies. Some do some don't.
You should always get an inspection and at the very least a four point inspection to determine if the roof ,electrical,plumbing and HVAC have any issues. I like to consult with homeowners on four point inspections and what the insurance co's look for.

Thank you,

Wayne Collier
[post edited for contact info, please refer to good neighbor policy]
  • May 09 2012
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Time and again my clients need a copy of the inspection report for the bank. They are mostly interested in serious defects like bad roof, foundation issues, wiring, and things that represent a high risk to them.
  • May 04 2012
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Most loan programs do not require a home inspection review from the bank. The bank will review the appraisal (opinion of property value). This report will list any obvious deficiencies as well as some existing health and safety hazards, however it will not be as thorough as a home inspection.
  • April 29 2012
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