4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage.
Fha roof requirements 2017.
As with the va loan an fha loan requires that the roof on a home not be leaking.
Federal housing administration fha loans must meet safety.
A federal housing administration loan or fha loan has very similar requirements to the va loan.
Edition as referenced in the minimum property standards.
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.
It also requires that the roof be functional for at least two more years from the date of purchase.
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.
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.
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.
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.
It s the appraiser s job to look over the home make sure it meets fha standards and assign it a fair market value.
You can see why it s important that your credit history is in good standing.
If your credit score is below 580 the down payment requirement is 10.
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.
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.
Mortgagees bear primary responsibility for determining eligibility.
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.
Are either built up roofing bur or non conventional.
Exceed requirements of the cabo model energy code 1983.
Section 607 1 l when cost effective.
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.
