Congratulations on having your offer accepted. Generally the practice is that the bank will give you a window to have thehome inspected. they are selling the home in the condition that you saw the house. they will not make any repairs to the house. during this window it is advised you have a home inspection. If something comes out of the home isnpection that makes you leary you can walk away from the transaction.
After that period if you accept the home it is yours. the bank will not entertain any other offers while you are doing your inspection. Also, at thsi time the bank will have addendums to the original sales contract. these addendums supersede the origninal contract for your state and need to be signed and returned to the lsiting agent within a certain time frame. that time frame is generally within three bsuiness days of contract acceptance.
the remainder of the process generally is the same as if you were buying a home from someone resale. You would go through the same procedures as you would for financing a home. The only difference si the bank will require a final HUD statement within 48 hours prior to closing. Since they will not be present at the closing they need it in advance so they can sign their portion and verify the numbers are correct on there before you sign.