According to the 2020 fha appraisal guidelines all properties being purchased with an fha insured mortgage loan must be appraised by a licensed hud approved home appraiser.
Fha appraisal roof requirements.
It s the appraiser s job to look over the home make sure it meets fha standards and assign it a fair market value.
The covering must prevent moisture from entering and provide reasonable future utility durability and economy of maintenance the appraiser must visually examine the roof to determine whether deficiencies present a health and safety hazard or do not allow for reasonable future utility.
One frequently asked question about the fha loan process is related to fha appraisals and the minimum requirements for the roof of the home.
Similar to conventional home loans fha loans feature fha appraisal requirements mandated by the hud.
The appraisal the lender receives is enough to show the property meets the fha requirements.
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.
Roofs and attics.
The previous fha loan rulebooks including hud 4155 1 and hud 4155 2 have been superseded by hud 4000 1 so it seemed like a good idea to post the fha s current appraisal requirements for the roof since it s one of the most commonly asked about parts of the home with respect to the fha appraisal process.
The appraiser notes any.
The roofing must keep moisture out.
If you re trying to buy a house using an fha loan your fha lender will typically require an appraisal to validate the value of the home.
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.
Hud hoc reference guide roofs attics chapter 1 appraisal property requirements page 1 24.
The appraisal does not check certain health and safety features such as operating ceiling fans or light fixtures.
We cover those requirements and how they compare to conventional appraisals.
Fha appraisals and roof requirements.
This of course is a judgment call that the appraiser is required to make.
The roofing must be expected to last for at least two more years.
Visually inspect the subject property both inside and out.
However an fha inspection is highly recommended.
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.
For a federal housing administration fha loan to be approved the home must pass an fha inspection and appraisal.
At a minimum the appraiser must complete the following steps.
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.
