Can You Get A Mortgage On A House With Asbestos Siding?

Asbestos is the last thing that a new homeowner wants to have to worry about. The word alone evokes the fear of health risks, limiting home value, and expensive removal. So, can you get a mortgage on a house with asbestos siding?

You can often get a mortgage on a house with asbestos siding but it depends on the lender. Mortgage lenders approach asbestos siding on a case-by-case basis based on what condition the siding is in. Brittle and damaged asbestos siding may limit your ability to get a mortgage on a house because that’s when it is most dangerous.

The mortgage lender will make sure to dig deeper and find out what condition the asbestos siding is in before they make a decision. They may require you to remove and replace or cover up the siding before they can grant you a mortgage. Follow along as we explore the factors that determine whether or not you can get a mortgage on a house with asbestos siding.

You can get a mortgage on a house that has asbestos in most cases depending on the condition. Damaged and brittle asbestos siding can prevent you from getting a mortgage on a house in some cases. That is because damaged asbestos is a major health hazard that makes it easier to unknowingly ingest the harmful material.

There is no ironclad rule when it comes to financing a house with asbestos siding. Asbestos siding is often left intact as long as it was installed correctly and didn’t incur damage. The most common way to damage asbestos siding is to hammer nails in place.

It is ideal to screw asbestos siding in place to avoid damaging it, but that not be the case with your home. Homes built before 1989 often feature asbestos siding that was installed without perfect safety practices. Disclose the information to your mortgage lender and let them assess the situation with an appraisal or inspection.

Generally, FHA loans are similar to a bank or private mortgage for a home with asbestos siding. You may be able to get an FHA loan for a home with asbestos siding, but there is no guarantee. FHA loans are federal and there is little wiggle room when it comes to dangerous environmental factors.

Intact asbestos siding is often overlooked when it comes to FHA loans. However, it all depends on what condition the siding is in just like with private mortgages. Factors such as the proximity to your neighbors are also important and play a role in how they determine safety.

You are unlikely to get an FHA loan if your asbestos siding is damaged and flaking. FHA loans are generally much stricter than private loans and you will have a harder time getting them to finance a home with asbestos siding. Even still, it is worth trying to get an FHA loan if every other aspect of your loan qualifies.

Asbestos siding is safe in most cases as long as it is contained. The safety depends on what condition the siding is in and whether or not the asbestos is exposed. Brittle asbestos siding is more dangerous as flakes can spread and you can breathe it into your lungs.

Asbestos isn’t generally safe, but it’s much safer if left undisturbed. That isn’t always possible, and that is why asbestos is such a scary sign for any homeowner. Siding that contains asbestos is slightly safer than an asbestos popcorn ceiling, for example, because it isn’t inside your home.

Some homeowners install new siding over old asbestos siding without removing it. This allows you to cover up the asbestos to contain it and prevent it from flaking and spreading. However, it is a tricky process and you should never hammer into asbestos as it will spread through the air. Instead, screw the new siding in place over the asbestos to minimize the risk of danger.

You can legally sell a house with asbestos siding as long as the buyer is aware of it. The buyer could take legal action against you that would nullify the sale if you fail to disclose the asbestos siding. Asbestos siding may limit how many prospective buyers are interested in your home, however.

Luckily, asbestos siding doesn’t affect resale value nearly as much as it would if it were inside the home. Asbestos siding can be expensive to remove, so the buyer may try to talk down the price with that in mind. Buyers can put it in their contract that you have to remove the asbestos siding before the sale is final.

You aren’t obligated to do so if you don’t agree to remove the asbestos siding, but the sale may not go through. Honesty is the best policy when it comes to selling a house with asbestos siding because of the danger involved.

You can get rid of asbestos siding on a house without professional help, but it is a potentially dangerous process. Only attempt to remove asbestos siding if you wear protective face gear and cover your eyes. The main danger of asbestos is that you can inhale small flakes of it that will embed in your lungs.

You need to wear a respirator, goggles, gloves, and disposable coveralls when you remove the asbestos siding. Asbestos can easily cling to your clothing and skin and the last thing you want to do is accidentally bring them into your home. Dispose of your gloves and coveralls after you get rid of asbestos siding to avoid spreading it.

Carefully pry the asbestos siding away from your home with a crowbar to remove it. Place the pieces of siding in a waste bag or bin that you can seal when you are done. Try to remove the asbestos siding in as few pieces as possible so that you don’t send flakes of it into the air.

It costs between $1,000 and $2,000 to remove asbestos siding when you hire a professional. Asbestos siding removal can cost as much as $2,500, but costs vary based on several factors. The labor rate of the professional hire is the biggest cost factor and that can vary widely based on where you live.

Asbestos removal is a dangerous task and that contributes to the expensive hourly rate that most professionals charge. The other key factor is how much asbestos siding you need them to remove and the square footage of your home. Naturally, it would cost much less money to remove the asbestos siding on a small home than one that is over 3,000 square feet.

The average homeowner won’t spend more than $1,200 to remove asbestos siding from a 2,000-square-foot home. You can also expect to spend another $12 per square foot to install new siding after they remove the asbestos. It all depends on the size of your home and what kind of siding you choose.

Cement fiber once contained asbestos but it doesn’t anymore due to modern safety protocols. Asbestos was banned from construction on July 12th, 1989 and it is illegal to use it now. Cement fiber is still used in construction, but it no longer contains toxic or carcinogenic materials such as asbestos.

Cellulose is the new key ingredient in cement fiber and it is a safe asbestos alternative. There are no known health risks associated with cellulose which makes it a perfect siding material. You should be able to tell if your current siding contains asbestos as the previous homeowner should have disclosed it to you.

However, they may have failed to disclose the information or were simply dishonest. In that case, you can tell if you look up the manufacturer of the siding. Check to see if their siding contained asbestos at the time that it was installed, and replace it with a safer cement fiber alternative if that is the case.

You can get a mortgage on a house with asbestos siding if it is in good condition in most cases. It is up to the discretion of the mortgage lender to assess the condition of your asbestos siding. Asbestos is most dangerous when it is damaged and brittle which may prevent you from getting a mortgage on a house.

You may need to get rid of the asbestos siding before you can qualify for a mortgage. Asbestos siding removal costs between $1,000 and $2,000 depending on how much you need to remove. Other factors such as the condition of the siding and the professional’s labor rates are important as well.

A homeowner can remove asbestos siding without professional help, but it is difficult and potentially dangerous. Make sure to wear protective eye gear, a respirator, gloves, and disposable coveralls to increase safety. Otherwise, you can simply cover up the asbestos siding with new, safer siding material.