A home inspection is typically not required by the lender to purchase a home. However, it is in the best interest of the buyer to conduct a home inspection. The home inspection will determine if there are any major issues or complications with the home that a potential buyer may not notice on their own.
An appraisal is often required by the lender. The appraisal will determine the market value of the home. This protects the lender and the buyer from getting a loan that is higher than what the home is worth. In certain circumstances, the lender may agree to an appraisal waiver.