Va loans help 5 months ago.
Remaining economic life of metal roof apprasier.
Remaining economic life of the home.
According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.
All i cound find from va is prevent entrance of moisture and provide reasonable future utility durability and economy of maintenance.
The appraiser must clearly state whether the subject is to be repaired or re roofed.
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.
When the effective age is 15 years the remaining economic life is 45 years 60 15.
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.
But that s not all the fha also requires a minimum amount of durability.
Home inspectors estimate is less than 4 years of life left on the current roof.
Hud 4000 1 has a section with guidelines concerning the minimum property standards for homes to be purchased with an fha mortgage.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
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.
This is pretty vague on life of the roof.
The appraiser must exercise sound judgment when evaluating roof condition.
The roof should have a remaining physical life of at least two years.
For example a 75 year old home could have an effective age of 30 years if its owner has maintained the home and upgraded it so it compares well with a new home.
If the estimate of remaining economic life is less than 30 years the appraiser must provide a supporting explanation based on either known economic factors or observed physical condition.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
If remaining economic life is 40 years the market is paying 67 of replacement cost 40 60.
Roof appears to have at least two years remaining life however the appraiser is not qualified to judge the shingle or the workmanship and a roof inspection is recommended.
If the roof has less than two years remaining life then the appraiser must report this condition in the appraisal report.
This of course is a judgment call that the appraiser is required to make.
There are instructions to the lender concerning issues such as encroachments overhead power lines safety and related issues.
Fha minimum property requirements in hud 4000 1.
Economic life a home s effective age expresses numerically the number of years an appraiser expects a home to survive or its economic life.
