Usually only the lender has to approve your loan and can give you an answer in a few days.
Will fha approve a home that needs a 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.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
An fha approved home means you can purchase the home with an fha loan.
The appraiser must clearly state whether the subject is to be repaired or re roofed.
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.
For a federal housing administration fha loan to be approved the home must pass an fha inspection and appraisal.
Appraisers approved to appraise for fha financing know the fha mps requirements.
The roof should have a remaining physical life of at least two years.
The appraiser must inspect the attic for evidence of possible roof problems.
The roof cannot have more than three layers of roofing.
The fha appraiser or underwriter makes the decisions.
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.
When the work is finished you will need to furnish the lender with a completion certificate.
But that s not all the fha also requires a minimum amount of durability.
If the inspection reveals the need for roof repairs and the.
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.
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.
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.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
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.
Fha requirements for wells and septic tanks.
