But that s not all the fha also requires a minimum amount of durability.
Remaining economic life roof fha.
47 planned unit development information section.
46 income approach section.
Fha single family housing appraisal report and data delivery guide effective on or after march 15 2016 v2.
4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage.
The roof should have a remaining physical life of at least two years.
If the roof has less than two years remaining life then the appraiser must report this condition in the appraisal report.
The mortgagee must confirm that all foundations will be serviceable for the life of the mortgage and adequate to withstand all normal loads imposed there is also a section that addresses fha minimum standards for the remaining economic life of the property.
Mortgagees bear primary responsibility for determining eligibility.
The appraiser must exercise sound judgment when evaluating roof condition.
This of course is a judgment call that the appraiser is required to make.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
The appraiser must report if the roof has less than two years of remaining life and make the appraisal subject to inspection by a professional roofer.
The roof should have a remaining physical life of at least two years.
The appraiser must report if the roof has less than two years of remaining life and make the appraisal subject to inspection by a professional roofer.
These requirements exist to protect the investment made in the home what good is it to take out a 30 year fha mortgage if you are unable to sell the property once that mortgage nears its payoff date.
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.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
Additionally there s the remaining economic life issue to contend with.
Requirements for remaining economic life.
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.
The appraiser must clearly state whether the subject is to be repaired or re roofed.
Additionally there s the remaining economic life issue to contend with.
