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. When the work is finished you will need to furnish the lender with a completion certificate. 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. The most common repairs for fha loans involve the roof says dodge. Fha requirements for wells and septic tanks.

The appraiser must inspect the attic for evidence of possible roof problems. 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. If the inspection reveals the need for roof repairs and the. Fha appraisal requirements mandate that a roof must keep moisture out and cannot have more than three roofing layers.

But that s not all the fha also requires a minimum amount of durability. This of course is a judgment call that the appraiser is required to make. The roof cannot have more than three layers of roofing. According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.

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. To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof. When they see something that doesn t meet fha guidelines they note it in the appraisal. Usually only the lender has to approve your loan and can give you an answer in a few days.

The fha appraiser or underwriter makes the decisions. Until the issue is resolved the lender won t issue a final approval for the loan. 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. Appraisers approved to appraise for fha financing know the fha mps requirements.

For a federal housing administration fha loan to be approved the home must pass an fha inspection and appraisal. The roof should have a remaining physical life of at least two years. 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.