We cover those requirements and how they compare to conventional appraisals.
Fha appraisal roof requirements.
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.
Visually inspect the subject property both inside and out.
The previous fha loan rulebooks including hud 4155 1 and hud 4155 2 have been superseded by hud 4000 1 so it seemed like a good idea to post the fha s current appraisal requirements for the roof since it s one of the most commonly asked about parts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.
Fha appraisals and roof requirements.
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.
Roofs and attics.
Overview of fha appraisal guidelines for 2020.
The roofing must be expected to last for at least two more years.
This of course is a judgment call that the appraiser is required to make.
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.
The roofing must keep moisture out.
However an fha inspection is highly recommended.
At a minimum the appraiser must complete the following steps.
The appraisal the lender receives is enough to show the property meets the fha requirements.
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.
November 17 2019.
The appraisal does not check certain health and safety features such as operating ceiling fans or light fixtures.
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.
The appraiser must inspect the attic for evidence of possible roof problems.
It s the appraiser s job to look over the home make sure it meets fha standards and assign it a fair market value.
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.
Hud hoc reference guide roofs attics chapter 1 appraisal property requirements page 1 24.
For a federal housing administration fha loan to be approved the home must pass an fha inspection and appraisal.
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.
