Mortgage Bad Roof

If there is evidence of major deferred maintenance on the property the mortgage will likely be declined.

Mortgage bad roof.

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 owners are buying another house and money. 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.

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. A lot of potential fha borrowers are curious to know as to what exactly the appraiser looks for while inspecting the roof. 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. Refinance your mortgage refinance rates 30 year refinance rates.

Consider fha va or usda loans as well as conventional loans and. Compare online mortgage lenders local banks and credit unions to find the best bad credit mortgage loan options. In order to clear the appraisal process there should not be any leaks in the roof that would allow moisture to enter the home. Your inspector will tell you about the issues that you need to address.

A bad home inspection has the potential to derail a real estate transaction especially if what s uncovered is an expensive problem such as a leaky roof. 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. All was well except for a bad roof that s 20 plus years old and needs repair. Firstly you need to have your roof inspected for any damage leaks or signs of deterioration.

One of the most common deferred maintenance items is roof repairs. 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.