Fha Roof Requirements 2017

Roofing single ply and others and where the slope is.

Fha roof requirements 2017.

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. 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. One frequently asked question about the fha loan process is related to fha appraisals and the minimum requirements for the roof of the home. 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.

Federal housing administration fha loans have requirements including minimum property standards which help protect lenders. According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years. If your credit score is below 580 the down payment requirement is 10. It s the appraiser s job to look over the home make sure it meets fha standards and assign it a fair market value.

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. A federal housing administration loan or fha loan has very similar requirements to the va loan. It also requires that the roof be functional for at least two more years from the date of purchase. 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.

To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof. Edition as referenced in the minimum property standards. You can see why it s important that your credit history is in good standing. Federal housing administration fha loans must meet safety.

This of course is a judgment call that the appraiser is required to make. 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. 4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage. Less than 2.

Mortgagees bear primary responsibility for determining eligibility. Are either built up roofing bur or non conventional. Exceed requirements of the cabo model energy code 1983. 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.