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.
Remaining economic life roof fha.
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.
According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.
4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage.
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.
The appraiser must clearly state whether the subject is to be repaired or re roofed.
Additionally there s the remaining economic life issue to contend with.
Fha single family housing appraisal report and data delivery guide effective on or after march 15 2016 v2.
Mortgagees bear primary responsibility for determining eligibility.
This of course is a judgment call that the appraiser is required to make.
The appraiser must exercise sound judgment when evaluating roof condition.
If the roof has less than two years remaining life then the appraiser must report this condition in the appraisal report.
Additionally there s the remaining economic life issue to contend with.
Requirements for remaining economic life.
46 income approach section.
The roof should have a remaining physical life of at least two years.
47 planned unit development information section.
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.
The mortgagee must confirm that all foundations will be serviceable for the life of the mortgage and adequate to withstand all normal loads imposed there is also a section that addresses fha minimum standards for the remaining economic life of the property.
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.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
