Inspection/ appraisal for cash out refi
We are currently in the process of doing a cash out refi in order to do a complete exterior renovation (roof, siding, facia, gutters). We currently have a conventional mortgage. We owe 90k on our home that has an estimated value of 275-290k. We are only seeking 80k for a new loan amount of 170k. The roof is nearing the end of its life and it definitely shows.
During our conversations with our mortgage lender, we were informed that the lowest rates would be an fha loan.
My question is, should we be concerned that the roof will not pass the fha inspection? And, does it make a difference that the money will immediately go to having the exterior work done? We have contractors saying they are only have 1-2 weeks of lead time on roof work, so we would be able to immediately repair the roof. Is it bad practice to mention this to the appraiser/ inspector so he does not fail us for the one thing we are trying to finance ? (Siding and gutters are in ok shape, but we plan on doing those also)