Will Fha Approve A Home That Needs A Roof

The appraiser must clearly state whether the subject is to be repaired or re roofed.

Will fha approve a home that needs a roof.

An fha approved home means you can purchase the home with an fha loan. The fha appraiser or underwriter makes the decisions. One major benefit of using a government backed fha loan is the low down payment you only need to pay 3 5 of the home s value instead of the 5 20 required with a conventional loan. Appraisers approved to appraise for fha financing know the fha mps requirements.

If the inspection reveals the need for roof repairs and the. If the roof has less than two years remaining life then the appraiser must call for re roofing or repair. One of the fha rules for the roof requires the appraiser to report if it has less than 2 years remaining life and require it to be replaced. Fha requirements for wells and septic tanks.

That means it must be worth the purchase price and have such basics as electricity drinkable water adequate heat a stable roof fire exits and more. To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof. The roof cannot have more than three layers of roofing. For a federal housing administration fha loan to be approved the home must pass an fha inspection and appraisal.

You receive some protection from the wrong kind of dealer because fha requires that any dealer who arranges a loan for you must first be approved by the lender. But that s not all the fha also requires a minimum amount of durability. When they see something that doesn t meet fha guidelines they note it in the appraisal. Until the issue is resolved the lender won t issue a final approval for the loan.

This of course is a judgment call that the appraiser is required to make. The fha might approve a non permitted structure but an fha loan might be denied anyway due to a non permitted addition or remodel because the lender s investor guidelines prohibit them. The most common repairs for fha loans involve the roof says dodge. Usually only the lender has to approve your loan and can give you an answer in a few days.

The appraiser must inspect the attic for evidence of possible roof problems. Fha appraisal requirements mandate that a roof must keep moisture out and cannot have more than three roofing layers. The roof should have a remaining physical life of at least two years.