If your credit score is below 580 the down payment requirement is 10.
Fha roof requirements 2017.
This of course is a judgment call that the appraiser is required to make.
One frequently asked question about the fha loan process is related to fha appraisals and the minimum requirements for the roof of the home.
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.
Section 607 1 l when cost effective.
Federal housing administration fha loans must meet safety.
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.
Mortgagees bear primary responsibility for determining eligibility.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
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.
Exceed requirements of the cabo model energy code 1983.
According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.
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.
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.
Roofing single ply and others and where the slope is.
It also requires that the roof be functional for at least two more years from the date of purchase.
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.
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 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.
Less than 2.
