Mortgage Bad Roof

Roofs that are older than 20 years will normally show signs of deterioration but finding out the extent of any needed repairs saves you a lot of trouble.

Mortgage bad roof.

The federal government has health and safety guidelines for roofing that apply to many home purchases. 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. The problem with roofing damage however is that it can be more extensive than it appears. Lower the offering price.

Firstly you need to have your roof inspected for any damage leaks or signs of deterioration. All was well except for a bad roof that s 20 plus years old and needs repair. So if you keep running into scenarios where you re looking at homes with bad roofs and struggling to find financing to buy one of them keep these things in mind. The seller needs to resolve the issue.

Be aware that a bad roof could lead to other issues such as ceiling drywall insulation or even. If the seller hesitates on fixing the roof add the cost of the repair to your. The bad roof can be an advantage for you to get the house of your dreams for a discount if you 1 have the money and 2 press your advantage. When you should walk away from the bad roof deal if you re depending on using a loan product that won t allow big repair escrows or has strict standards for the condition of the house like a va fha loan then you may want to pass on the deal.

Buyers and mortgage companies avoid a failing roof like the plague so replacement may be what it takes to pass inspection but don t expect a full return on investment. Obtain a bid for repairing or replacing the roof from a licensed roofing contractor. Refinance your mortgage refinance rates 30 year refinance rates. At the end of the day if the roof is so bad that the house is uninsurable there is nothing you can do.

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. One of the most common deferred maintenance items is roof repairs. What are my options if a house inspector finds that the roof is bad. Properties must meet certain minimum standards before a lender will approve a loan.

If there is evidence of major deferred maintenance on the property the mortgage will likely be declined. Your inspector will tell you about the issues that you need to address.