A home inspection is the buyer's own check of a house's condition, done by a Florida-licensed home inspector after the contract is signed. Florida law defines it as a limited visual examination of the readily accessible structure, electrical system, heating and cooling, roof, plumbing, and interior and exterior components, ending in a written report. It's separate from the appraisal your lender orders, and it's the report you'll use to decide whether to ask for repairs, ask for a lower price, or cancel during your inspection period.
How it differs from the other Florida inspections
| Report | Who it's for | What it answers |
|---|---|---|
| Home inspection | You, the buyer | What condition is the whole house in? |
| Appraisal | The lender | What is the house worth? |
| Four-point inspection | The insurer | Are the roof, wiring, plumbing and HVAC insurable? |
| Wind mitigation inspection | The insurer | Which hurricane features earn premium credits? |
Many Florida inspectors can do the home inspection, the four-point and the wind mitigation in one visit, which saves a trip and keeps all three inside your inspection period.
How FHA, VA and Conventional treat it
None of the main programs requires a home inspection. FHA has every buyer sign HUD's "For Your Protection: Get a Home Inspection" notice, which explains that an FHA appraisal checks value and minimum property standards and doesn't replace an inspection. VA and Conventional loans work the same way: the appraiser reports on value and obvious safety items, and the deeper look is the buyer's inspection.
A worked example: turning a repair into a lower price
A buyer contracts on a $330,000 single-family home with FHA at 3.5% down and a 5.75% rate. The inspection finds the roof near the end of its life, and a roofer quotes $9,000. The seller agrees to cut the price by that amount.
| Original price | After the $9,000 cut | |
|---|---|---|
| Price | $330,000 | $321,000 |
| Down payment, 3.5% | $11,550 | $11,235 |
| Base loan, 96.5% | $318,450 | $309,765 |
| Loan with 1.75% upfront MIP | $324,022.88 | $315,185.89 |
| Principal and interest | $1,890.91 | $1,839.34 |
The buyer brings $315 less as a down payment and pays $51.57 less a month in principal and interest. A seller credit toward closing costs is the other route; FHA allows credits up to 6% of the price, $19,800 here, so a $9,000 credit stays well inside the limit. A newer roof can also lower the insurance quote, which helps the payment again.
Getting the most out of the inspection
Book the inspector the day the contract is signed, and attend if you can. Ask the seller for permits on the roof, air conditioning and any additions. Read the report for safety items and big-ticket systems first, then cosmetic notes. Send any repair request or cancellation in writing before the inspection period ends, because after that most Florida contracts treat you as having accepted the home's condition.
Run the lower price through the price check tool to see the new payment. When the report comes back and you're weighing a price cut against a credit, call AAA Capital Funding at 888-601-8344 and we'll show you which one leaves more money in your pocket.