Does FHA allow flat roofs?

FHA no longer mandates automatic inspections for flat or unobservable roofs. In the appraisal report the appraiser will note any evidence of deterioration of roofing materials (missing tiles, shingles, flashing). Remember, a roof has to have at least two years of remaining economic life for an FHA loan.

Will my roof pass FHA inspection?

To pass an FHA inspection, however, your foundation must be free of significant cracks as well as ongoing water damage or evidence thereof. FHA inspectors look up as well as down. Your attic and roof need to be in good repair. An FHA inspection will require that you fix any water damage or holes in the roof.

What is an FHA certificate?

Being FHA certified means a condominium community meets the minimum guidelines established by FHA. Meeting these guidelines according to FHA will reduce risk of default on home loans which it insures, making such loans safer for banks and for the FHA.

How long does it take to get FHA certified?

How long does FHA Approval take? The process of getting FHA Condo Approval generally takes between 2-4 Weeks.

Why are houses not FHA approved?

Loan Limits A house that is too expensive cannot qualify for an FHA loan. HUD sets loan limits annually, which vary by area and number of units . The FHA can only insure an amount up to this limit. A high-end home, with the standard FHA down payment of 3.5 percent, might have a loan amount that exceeds the limit.

Why are some homes not FHA approved?

Can an FHA loan close in 30 days?

You can typically close on an FHA purchase or refinance within 30 days of submitting your loan application.

What is the roof requirement for a FHA loan?

Roof requirement for the FHA mortgage loan. 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.

What are the requirements for a FHA appraisal?

For starters, the roof must do what it’s designed to do–FHA and HUD regulations say it must not leak or allow moisture to enter the home. 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.

Can a FHA appraiser inspect an unobservable roof?

E. Flat Roof: FHA no longer mandates automatic inspection of flat and/or unobservable roofs. The appraiser must note in the appraisal that he/she could not adequately observe the entire roof area and state which area (s) were unobservable.

What are the requirements for a roof appraiser?

1: Roofs: 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. (4905.1 REV-1, 2-12.)