Remaining Economic Life Roof Fha

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. There are instructions to the lender concerning issues such as encroachments overhead power lines safety and related issues. To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.

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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.

Remaining economic life roof fha.

Fha loan appraisal rules. Requirements for remaining economic life. If the roof has less than two years remaining life then the appraiser must call for re roofing or repair. This of course is a judgment call that the appraiser is required to make.

Remaining economic life of the home. 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. If the estimate of remaining economic life is 30 years or more the appraiser must state the estimate at its maximum for example 40 years. The roof should have a remaining physical life of at least two years.

The appraiser must exercise sound judgment when evaluating roof condition. A recent reader question about the fha appraisal requirements had us looking up details on those requirements in the new fha single family loan handbook hud 4000 1. Hud 4000 1 has a section with guidelines concerning the minimum property standards for homes to be purchased with an fha mortgage. Hence the interest in the remaining economic life of the home in general and the roof in particular.

An fha appraiser is required to view the roof but does not. Mortgagees bear primary responsibility for determining eligibility. Fha single family housing appraisal report and data delivery guide effective on or after march 15 2016 v2. According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.

The roof should have a remaining physical life of at least two years. 4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage. But that s not all the fha also requires a minimum amount of durability. 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.

The appraiser must clearly state whether the subject is to be repaired or re roofed. 46 income approach section. 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. Fha minimum property requirements in hud 4000 1.

For condominium units the estimate of remaining economic life must be reported in the reconciliation section of fannie mae form 1073 individual condominium unit appraisal report. 47 planned unit development information section. 4905 1 rev 1 2 12 life expectancy.