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.

Will fha approve a home that needs a roof.

The appraiser must inspect the attic for evidence of possible roof problems. 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. 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. Until the issue is resolved the lender won t issue a final approval for the loan.

Usually only the lender has to approve your loan and can give you an answer in a few days. Fha appraisal requirements mandate that a roof must keep moisture out and cannot have more than three roofing layers. When they see something that doesn t meet fha guidelines they note it in the 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.

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. Appraisers approved to appraise for fha financing know the fha mps requirements. According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.

The most common repairs for fha loans involve the roof says dodge. For a federal housing administration fha loan to be approved the home must pass an fha inspection and appraisal. Fha requirements for wells and septic tanks. The roof should have a remaining physical life of at least two years.

This of course is a judgment call that the appraiser is required to make. But that s not all the fha also requires a minimum amount of durability. An fha approved home means you can purchase the home with an fha loan. The fha appraiser or underwriter makes the decisions.

If it is determined that the roof has a remaining life of less than two years then it would be the responsibility of the appraiser to call for repair or the construction of a new roof. If the roof has less than two years remaining life then the appraiser must call for re roofing or repair. The roof cannot have more than three layers of roofing.