Friday, May 27, 2005

No Kitchen? No mortgage!

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.

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