Mortgage Bad Roof

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Mortgage bad roof. The owners are buying another house and money. 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 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. The building code issues would apply above and beyond any va mortgage loan standards that may apply.

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. Refinance your mortgage refinance rates 30 year refinance rates. One of the most common deferred maintenance items is roof repairs. To begin with the roof should be in a fully functional condition.

You do have other options besides taking. In order to clear the appraisal process there should not be any leaks in the roof that would allow moisture to enter the home. 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. Borrowers should never assume the property is defect free just because it passed the fha appraisal.

Your inspector will tell you about the issues that you need to address. 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. Firstly you need to have your roof inspected for any damage leaks or signs of deterioration. If there is evidence of major deferred maintenance on the property the mortgage will likely be declined.

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.