The appraiser must clearly state whether the subject is to be repaired or re roofed.
Remaining economic life roof fha.
Additionally there s the remaining economic life issue to contend with.
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.
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.
4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage.
However the 6 appraiser is the on site representative for the mortgagee and provides preliminary verification 7 that the property acceptability criteria have been met.
Hud 4000 1 says the appraiser must notify the mortgagee of the deficiency if the roof covering does not prevent entrance of moisture or provide reasonable future utility durability and economy of maintenance and does not have a remaining physical life of at least two years.
This of course is a judgment call that the appraiser is required to make.
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.
But that s not all the fha also requires a minimum amount of durability.
47 planned unit development information section.
Requirements for remaining economic life.
The roof should have a remaining physical life of at least two years.
Additionally there s the remaining economic life issue to contend with.
The appraiser must exercise sound judgment when evaluating roof condition.
Mortgagees bear primary responsibility for determining eligibility.
According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.
46 income approach section.
Fha single family housing appraisal report and data delivery guide effective on or after march 15 2016 v2.
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.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
