Quadplex on FHA 3.5 down with bad roof. Help!

16 Replies

As mentioned prior I have recently purchased a Quad with a FHA loan, I currently have equity in the house from the appraisal vs sale price. Is taking out a HOME OWNERS EQUITY LOAN a smart way to take care of the roof replacement. All suggestions welcomed

@Brendon George what’s the appraisal vs sales price vs your mortgage? 10k in equity isn’t much. I’m guessing you have no true equity since you just bought with FHA.

I didn't go back and read your other posts, but how did you get away with using FHA and buying a bad roof?

We used FHA for our primary residence and they made the owners kait the she'd because it was flaking.

Im guessing since its a multi they were more relaxed?

@Brendon George

I would definitely call for more roofing quotes. I'm sure you can find something cheaper and just pay out of pocket. Probably not worth going the HELOC route, if you even get approved for it.

Wow, I'm surprised FHA overlooked the roof!

Get the cheapest personal loan you can find or put it on a new credit card that comes with 0% interest for 12months. Then save up money along with the cashflow and pay off that debt asap.

Not Sure Victor, the roof isn't falling apart but has significant leaking to two of the townhomes which can be seen on the ceiling sheetrock. thanks for the feedback I will follow up with my credit union.