Actually you want to do the inspections right away. No matter what type of loan you have. The inspections are done so you know the actual condition of the property and its systems.
Lenders don't usually get involved with the inspection side at all. That you do with your Realtor per the terms of your contract. If the repairs required exceed what you have budgeted and it is severe enough to question the purchase you want to know all of this as soon as possible to either renegotiate your deal or cancel the purchase during the inspection period.
This is also the time to do the rest of your due diligence - during the inspection period if you did not complete the due diligence prior to your offer. Things to check other than inspections include building permits, survey's (check prior survey), liens or encumberances. There will be a title check done by the title company, but you can find out a lot of this info on line through the property records search and the clerk of courts. Checking building permits and prior survey's is important along with physical inspections.
