The roof should have a remaining physical life of at least two years.
Remaining economic life roof fha.
This of course is a judgment call that the appraiser is required to make.
Mortgagees bear primary responsibility for determining eligibility.
The appraiser must clearly state whether the subject is to be repaired or re roofed.
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.
46 income approach section.
4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage.
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.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
Requirements for remaining economic life.
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.
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.
But that s not all the fha also requires a minimum amount of durability.
If the roof has less than two years remaining life then the appraiser must report this condition in the appraisal report.
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.
Additionally there s the remaining economic life issue to contend with.
According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.
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.
The appraiser must exercise sound judgment when evaluating roof condition.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
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.
