Part 2 of 4
Qualifying for a mortgage is a strenuous process that has many intricate facets. Part 1 of this series discussed how to avoid loan denial as the result of a change in credit. Maintaining a buyer’s credit is entirely the buyer’s responsibility. The good news is that this segment pertains to the necessity of a house meeting code in order to qualify for a loan. One of the unbeatable benefits of new construction vs. resale, is that in the case of new construction, it is the builder's responsibility to make sure that the home meets code! While the burden does not fall on the new homebuyer's shoulders, it is important to be aware of this process so that a buyer knows what is happening during the inspection and is aware of the possibility of delays as any required changes are made to the home.
All lenders require that a home be inspected prior to closing and that it meets the building code dictated by the county. This lessens the lenders liability for potential hazards and issues. The Veteran’s Administration is particularly stringent with their home inspection prior to closing a VA loan. The inspector will walk the home looking and testing for things that the average buyer might not be knowledgeable of. They will check the foundation, framing, plumbing, wiring, etc. to make sure that the home is built to code and will be safe for its future inhabitants.
Builders always strive to build to code: it saves them time and money. But don’t be alarmed if your inspection generates a small “to do” list of things that need to be addressed before the bank will approve your loan. This is very common and typically easy for the builder to correct. Keep in mind that they are in the business of selling houses and they want happy homeowners. They know how to best address any problems and will work to close your home as quickly as possible. And you will have the peace of mind knowing that your house meets code and will be a safe home for you and your loved ones.
Shop Charleston’s great selection of new homes, constructed by quality builders that care about you and your future home!
This blog is based on Fox News’ article “Four ways a real estate deal can die,” by Adam Verwymeren.
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