Mortgage Bad Roof

Be aware that a bad roof could lead to other issues such as ceiling drywall insulation or even.

Mortgage bad roof.

Properties must meet certain minimum standards before a lender will approve a loan. All was well except for a bad roof that s 20 plus years old and needs repair. If the seller hesitates on fixing the roof add the cost of the repair to your. The problem with roofing damage however is that it can be more extensive than it appears.

One of the most common deferred maintenance items is roof repairs. Firstly you need to have your roof inspected for any damage leaks or signs of deterioration. 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. Your inspector will tell you about the issues that you need to address.

At the end of the day if the roof is so bad that the house is uninsurable there is nothing you can do. 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. Refinance your mortgage refinance rates 30 year refinance rates. 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.

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. Lower the offering price. Increase the offering price. 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.

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. Obtain a bid for repairing or replacing the roof from a licensed roofing contractor. 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 owners are buying another house and money.

The federal government has health and safety guidelines for roofing that apply to many home purchases. What are my options if a house inspector finds that the roof is bad.