Among the most frequently asked questions that figure on most people’s minds when it comes to borrowing an FHA loan pertain to FHA appraisals and the minimum qualifying criteria for the roof of the borrower’s home. For this purpose the appraiser is assigned with the responsibility of evaluating the home to ensure that it meets the standards as laid down by the FHA and assign it with the appropriate market value.
A lot of potential FHA borrowers are curious to know as to what exactly the appraiser looks for while inspecting the roof. To begin with, the roof should be in a fully functional condition. In order to clear the appraisal process there should not be any leaks in the roof that would allow moisture to enter the home. According to the FHA website, the roof should also be long lasting and durable so that it would provide utility in the future. Also the cost of maintaining the roof should be economical.
Apart from the criteria mentioned above, the FHA also insists that the roof should be able to serve a certain time period. 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. In his evaluation the appraiser must clearly state whether home requires a new roof or repairs.
During the evaluation, any problems with the roof related to moisture or leaks would be included in the appraisal report. All major cracks and other problems with the roof are also included in the report. The evaluation of the roof is very similar to one conducted in the basement wherein the appraiser would inspect the present condition and document his observations.
However, not all FHA appraisers are trained experts when it comes to issues pertaining to the roof, nor are they expected to actually physically climb onto the roof to make their observations. Hence, it is advisable for the borrower to engage the services of a home inspector to conduct a thorough inspection of the roof as well as the rest of the property. This way issues that do not get documented in the report would be duly identified and noted.
Now that you are aware about the roof requirements of the FHA mortgage loan, it is best to conduct your own investigation of the home so that you can accurately deduce the state and remaining physical lifetime of the roof prior to an FHA appraisers investigation.
FHA Mortgage Source is Florida’s leading FHA loan resource. Please call us at ph: 800-743-7556 or submit the quick Info Request Form on the right side of this page. Mobile users will find the Info Request Form here.
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