There are costs associated with purchasing a home that will need to be paid upfront. When purchasing a home, it is encouraged to perform inspections on the home. Inspections could be, but not limited to a building inspection, radon test, asbestos testing, water testing, mold testing, lead based paint testing and other inspections. These inspections all carry costs that must be paid at the time the services are rendered.
When purchasing a single wide or double wide home using FHA financing, the lender will require an engineer’s certification is home meets FHA guidelines.
Some mortgage companies will require the appraisal fee to be paid in advance of a closing.
FHA offers a renovation loan program. There are two levels for this program. The standard involving renovations over $36,000 will require the buyer to hire a consultant that acts as the liaison between the buyer, building inspector and the mortgage company.