You may be referring to an FHA appraisal which is part home inspection too but is NOT the same as the home inspection that you would hire an inspector to perform for you. The FHA appraiser will go through a thorough checklist looking for things that the lender will need to be fixed before they will lend on the loan, for example, flaking paint, roof repair or safety issues.
So the FHA appraisal is necessary for the loan but completely separate from the home inspection. Hope that helps.
One thing to keep in mind that any company offering a fee of less that $295.00 is probably not insured and most likely new in the business and consequently inexperienced. Remember the golden rule, "you get what you pay for".