Buying a Home
After your offer is accepted, you should arrange for a home inspection to be completed. You’ll want to hire a professional, third-party home inspector to examine the home you’re preparing to buy. The home inspection is a crucial step as it will identify areas where major repairs or renovations require immediate attention, as well as any work that needs to be completed in the future.
If significant repairs are needed, you can request that the seller complete them before closing. If the seller declines to handle the repairs and an agreement can’t be reached, you may be able to withdraw your offer.
However, if you’ve included an inspection contingency in your contract, you’ll be able to guarantee that either repairs are made, the cost is deducted from the purchase price or the contract is broken, and your earnest money is returned.
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)