Will an FHA loan get approved if the roof needs some repairs?

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Will an FHA loan get approved if the roof needs some repairs?

Christian Barto
Member since 2021 · 5 posts · 4 votes

Hello everyone I am in the process of funding a property. I would like to finance the property with an FHA loan and house hack while renting out rooms. I plan to live in the property for a year and fix up minor things on my own. The property is an old property 1826, the roof is near the end of its life. Will the roof be a problem while trying to qualify for an FHA loan? Is this a property I should consider for an FHA 203k loan? Thank you all for your help!

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Michael Dumler
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
4y

@Christian Barto the exterior, foundation, and roof are the first items the appraiser will assess. As long as the roof still serves its functional purpose, meaning there are no significant leaks, and isn't completely damaged, then more often than not you should be in the clear. Your property inspector can provide a report detailing if the roof is in satisfactory condition. If an appraiser gives you a hard time with the condition of the roof, then use the inspection report as means of evidence. Hope this helps! 

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  • Jared HottleBusiness Member
    Real Estate Agent · Cedar falls IA Waterloo, IA · Member since 2020 · 902 posts · 549 votes
    4y

    My guess is yes will be an issue with FHA but will be up to the appraiser and their take on the roof situation. I have never done an FHA 203k loan but I believe that would be a solid option to explore. At least talk to your lender about your concerns with the roof and go through potential scenarios.

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  • Michael Dumler
    Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    @Christian Barto the exterior, foundation, and roof are the first items the appraiser will assess. As long as the roof still serves its functional purpose, meaning there are no significant leaks, and isn't completely damaged, then more often than not you should be in the clear. Your property inspector can provide a report detailing if the roof is in satisfactory condition. If an appraiser gives you a hard time with the condition of the roof, then use the inspection report as means of evidence. Hope this helps! 

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  • Paul Welden
    Real Estate Agent · Tempe, AZ · Member since 2011 · 1k+ posts · 543 votes
    4y

    @Christian Barto

    FHA requires the roof to have a minimum of 2 years of useful life remaining. You could get a roof certification from a licensed roofing company and they will tell you how many years is has left and that could override the appraisers findings if the roofing company says is has more than 2 years left.

    Otherwise, you can do an FHA 203k and include only the items that FHA requires, if you want to save money and do other renovations on your own after you own it.

    Hope this helps!

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