Fha Roof Requirements 2017

Roofing single ply and others and where the slope is.

Fha roof requirements 2017.

You can see why it s important that your credit history is in good standing. 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. It also requires that the roof be functional for at least two more years from the date of purchase. 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.

One frequently asked question about the fha loan process is related to fha appraisals and the minimum requirements for the roof of the home. 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. Mortgagees bear primary responsibility for determining eligibility. 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.

If your credit score is below 580 the down payment requirement is 10. 4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage. It s the appraiser s job to look over the home make sure it meets fha standards and assign it a fair market value. This of course is a judgment call that the appraiser is required to make.

Federal housing administration fha loans must meet safety. 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. 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. To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.

Are either built up roofing bur or non conventional. 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 loan applicants must have a minimum fico score of 580 to qualify for the low down payment advantage which is currently at 3 5. A federal housing administration loan or fha loan has very similar requirements to the va loan.

Federal housing administration fha loans have requirements including minimum property standards which help protect lenders. Edition as referenced in the minimum property standards. As with the va loan an fha loan requires that the roof on a home not be leaking. According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.