Does Fha Require Replacement Of Damaged Siding

In fact fha and va loans are two of the most popular mortgage programsamong first time home buyers.

Does fha require replacement of damaged siding.

My homeowners insurance carrier had the roof inspected in 2014 and eight months later i got a notice from my agent that they won t renew my policy unless it s replaced by this april. The federal housing administration fha does not require the repair of cosmetic or minor defects deferred maintenance and normal wear if they do not affect the safety security or soundness of. I need to do some repairs to my home before placing it on the market. Siding and paint have to be in good condition.

If property is only partially damaged the carrier takes the position that it is only required to pay for repair or replacement of the limited portion of the property that is damaged. The fha requires that loans must close within 120 days of the appraisal and the original appraiser must return to the property within this timeframe to confirm that any necessary repairs have been made. This dispute went all the way up to the minnesota court of appeals who issued a ruling in december 2014 requiring american family to pay for replacement of all siding in the community even siding not damaged by hail in order to provide color match. A roof that has the maximum number of layers and needs repairs must be entirely redone.

The consultant inspects the property and prepares the architectural exhibits the. Specifically the court stated that american family provided in its policy it would pay for replacement of comparable material and quality which the court interpreted to require a color match between the damaged and undamaged siding panels. The insured shall not have to pay for betterment or any other cost except for the applicable deductible. Possible fha concern the brick on the side of this garage has had some serious movement.

7 a federal housing administration fha approved 203 k consultant is required for all 8 standard 203 k mortgages and may be used for limited 203 k mortgages. There are benefits to a va loanor fha loan that a buyer might not want to pass up just because they need to make some repairs. Call a professional to evaluate. Otherwise a new appraisal is required and the process starts all over again although a 30 day extension is possible under some circumstances.

My agent said he ll just get me with another carrier if i can t replace the roof in time. Any 9 consultant performing work on a 203 k must be listed on the fha 203 k consultant 10 roster. The fha allows for a maximum of three layers of roofing. Serious issue possible fha concern this wood rot found just below the roof is caused from rain water or ice build up in the winter.