No Kitchen Sink? No Mortgage for you!

On my "Real" blog, I'm switching formats and going to a WordPress platform and getting away from my more website-like blog.  It's a slow process but while I'm switching I thought I'd post some of my archived postings from months and years past that may be helpful or at least information. This is one of those posts . . . .

kitchen

 In case you've been eyeing that fixer upper that is only half rehabbed and you're considering going in after you buy it and finishing the job, you should know that most lenders will not loan on a house without a kitchen. Even if you're buying it "as is"
The lender will not consider it a true single family residence. A great young couple I had worked with ran into this. The bottom line that the appraiser would consider a kitchen was a working sink, two cabinets and a counter top.
Now you know. It isn't unusual for a home to come without a range or a fridge, but you've gotta have a kitchen sink.

Friday, May 27, 2005

 
This post has been included in Ohio Information

4 Comments on No Kitchen Sink? No Mortgage for you!

Yup, I have a purchase I'm working on right now and right before the appraisal, they decided to remove the whole back door leading to the season porch. RED FLAG! The lender considers the home as "non-livable."

04/19/2007 02:45 PM by Justin Kaatz, CMP (ASAP Mortgage)

That is not the only thing.  They need a heater that is in there and other pluming.  I love to get people hard loans, but some will not be possible "as is".

04/19/2007 03:39 PM by Dave Cheatham (Indigo)

Not just a heater but heat in every room. Some of our older beach houses were only used in the summer and lack heat.

04/19/2007 05:49 PM by Greg Cremia (Shore Realty of the Outer Banks)

Does this apply to a FHA 203K loan also?

04/20/2007 04:43 PM by Mike Parks RBO, ESI, MHI (Residential Building Inspectors)

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Real Estate Agent: Joe Peffer - Columbus Homes Blog (Coldwell Banker King Thompson)
Joe Peffer - Columbus Homes Blog
Columbus, OH
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