Can you get FHA loan with old roof?
According to the FHA website, they have clearly stated that the roof should be able to last for a minimum of two years. 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.
Does FHA appraisal look at the roof?
An FHA appraiser is required to view the roof, but does not specifically have to step out onto the surface of it. That’s one big difference between an appraisal and a home inspection.
What is the maximum you can borrow on an FHA loan?
FHA Loan Limits 2021 FHA loan limits for 2021 range from $356,362– $822,375 and vary by county. The maximum amount for an FHA loan on a single-family home in a low-cost county is $356,362, while the upper limit in high-cost counties is $822,375.
What does FHA look for in a roof?
in order to pass the appraisal process, the roof must also “provide reasonable future utility, durability and economy of maintenance” according to the FHA official site. But that’s not all–the FHA also requires a minimum amount of durability. “The roof should have a remaining physical life of at least two years.
How long does a shingle roof last?
Vented properly and installed correctly, you should get around 80-85% of the life span out of an asphalt roof. That means you can expect to get about 20-22 years out of your 3-tab shingle roof and 25-28 years out of your dimensional shingles.
Do FHA appraisers go in crawl space?
FHA expects appraisers to fully enter the crawl space, unless the appraiser cannot. In such cases, a ‘head & shoulders’ inspection is acceptable. In some situations, the crawl space has no access at all, if there are no mechanical systems accessible from the crawl space.
How fast can a FHA loan close?
You can typically close on an FHA purchase or refinance within 30 days of submitting your loan application.
What happens if I put 20% down on an FHA loan?
FHA loan program down payment minimums are 3.5% for borrowers with FICO scores at 580 or better. FHA loan program rules for borrowers with FICO scores between 500 and 579 require a 10% down payment, but nothing as high as 20%. But in general, borrowers are not asked to pay 20% down on FHA loans.
What is FHA 2021 loan limit?
On Wednesday, December 2, 2020, the Federal Housing Administration (FHA) announced increases to the FHA Single Family loan limits for 2021. In high-cost areas of the country, FHA’s loan limit ceiling will increase to $822,375 from $765,600. FHA will also increase its floor to $356,362 from $331,760.
How many layers of roofing can FHA accept?
C. Re-Roofing: FHA will accept a maximum of 3 layers of existing roofing. If more than 2 layers exist and repair is necessary, then all old roofing must be removed as part of the re-roofing.
How long does a roof have to be for an FHA appraiser?
“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 call for re-roofing or repair. The appraiser must clearly state whether the subject is to be repaired or re-roofed.”.
Can a FHA inspector look over your roof?
The borrower must take it upon themselves to have a home inspector look over the roof and other critical areas of the property-there may be issues not immediately noticeable that an inspection would catch that do not appear on the FHA appraisal report.
When to condition a roof for HUD FHA?
If there is evidence of damage and/or leaks the appraiser is to condition for further inspection. If there is no evidence of damage and/or water leaks. The borrower must be informed that the roof was snow covered at the time of the appraisal and that it is acceptable to the purchaser without any warranty or guarantees from HUD-FHA.