Mortgage Bad Roof

A lot of potential fha borrowers are curious to know as to what exactly the appraiser looks for while inspecting the roof.

Mortgage bad roof.

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. One of the most common deferred maintenance items is roof repairs. All was well except for a bad roof that s 20 plus years old and needs repair. In order to clear the appraisal process there should not be any leaks in the roof that would allow moisture to enter the home.

Refinance your mortgage refinance rates 30 year refinance rates. The owners are buying another house and money. To begin with the roof should be in a fully functional condition. Borrowers should never assume the property is defect free just because it passed the fha appraisal.

The lender has reviewed the buyer s financial ability to pay for the home on a month to month basis not his ability to pay for the home and a 6 000 roof when it fails one month. Furthermore if the property does not pass the va appraisal process because of the roof issue the appraiser may recommend fixes or repairs that would make the property eligible for a va mortgage loan. If there is evidence of major deferred maintenance on the property the mortgage will likely be declined. Compare online mortgage lenders local banks and credit unions to find the best bad credit mortgage loan options.

You do have other options besides taking. Borrowers concerned about the state of the roof or wondering about the remaining years left on it should hire an inspector and ask specifically about those issues prior to the inspection. Firstly you need to have your roof inspected for any damage leaks or signs of deterioration. Consider fha va or usda loans as well as conventional loans and.

Properties must meet certain minimum standards before a lender will approve a loan. 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.