Fha Roof Requirements 2017

Mortgagees bear primary responsibility for determining eligibility.

Fha roof requirements 2017.

As with the va loan an fha loan requires that the roof on a home not be leaking. One frequently asked question about the fha loan process is related to fha appraisals and the minimum requirements for the roof of the home. More specifically the model codes do not contain any minimum requirements for the durability of such items as doors windows gutters and downspouts painting and wall. Federal housing administration fha loans must meet safety.

You can see why it s important that your credit history is in good standing. Roofing single ply and others and where the slope is. Appraisal requirements for fha mortgage loans are found in hud 40001 and include guidelines for electrical systems plumbing paint and also requirements for the roof. 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.

4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage. Homes and projects financed by fha insured mortgages are the collateral for these loans and their lack of durability can increase fha s financial risk in the event of default. It s the appraiser s job to look over the home make sure it meets fha standards and assign it a fair market value. If your credit score is below 580 the down payment requirement is 10.

Exceed requirements of the cabo model energy code 1983. Less than 2. Fha loan applicants must have a minimum fico score of 580 to qualify for the low down payment advantage which is currently at 3 5. This of course is a judgment call that the appraiser is required to make.

The condition of the roof is important as it s a major source of headaches for a home owner if there is a problem down the line. Are either built up roofing bur or non conventional. 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. According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.

Edition as referenced in the minimum property standards. Section 607 1 l when cost effective. However the 6 appraiser is the on site representative for the mortgagee and provides preliminary verification 7 that the property acceptability criteria have been met. A federal housing administration loan or fha loan has very similar requirements to the va loan.