Getting an FHA-backed Mortgage
When you buy a property, chances are you need a mortgage. After all, who has that much cash laying around for such a large financial transaction? And in many cases, to buy that house, your mortgage may need to be backed by the Federal Housing Administration (FHA).
What is the FHA?: This is an entity that helps mortgage lenders give loans to people with lower or moderate incomes.
Now, to get that FHA-backed loan, you need to meet certain requirements. Income, location of house, that sort of thing. And those are pretty standard requirements. However, in the list of necessary requirements, there are some you may not expect. And one of those involves appliances.
Really? Does FHA Require Appliances in a Property?
Does FHA require appliances in a home? Yes, appliances. Like a stove or refrigerator or dishwasher. It may sound a bit strange, but consider this: a property has to meet a basic level of security and safety to pass a home inspection. You cannot be allowed to sell a substandard home – that just isn’t right. But how exactly do appliances figure into the equation?
Appliances and Your Safety
Does FHA require appliances in a home? Not the actual presence of a stove or refrigerator or dishwasher in a property. Without them, you can still get an FHA-backed mortgage from an approved lender like Shamrock Financial. However…
During a home inspection – which is recommended for an FHA-backed mortgage – the inspector will check the electrical systems, plumbing systems, and other systems. They need to be in good condition because if they are not done correctly, then your stove won’t work safely, or your dishwasher may leak which ties into the security and safety aspect of a property. Electrical problems means your stove won’t work properly. Plumbing issues means a dishwasher won’t drain water as it should. And that can lead to more serious issues. So it is not about the presence of the appliances themselves that the FHA wants to see. It’s more that they can be installed, and installed properly.
In Praise of Home Inspections
To find out whether or not the systems in a home are installed and work properly, you should get a reputable home inspector. A mortgage lender, such as Shamrock Financial, can recommend ones with the right education and experience. They can detect what is going on in a property. If a property isn’t up to snuff, you, as the buyer, can decide whether the seller needs to make the changes. Or maybe you will pass on the house.
Appliances and Home Price
The presence of appliances can affect the price of a home. You may need to negotiate with the seller to keep the appliances. If you already have your own, you may prefer for the seller to take their appliances with them. Whatever the case, the systems need to be free of defects and be up to code before the sale can take place. If the appliances are part of the deal, then they need to be in good working order. A seller cannot leave behind defective appliances for the buyer to deal with.
Does FHA require appliances for new construction? Typically, a lender needs the kitchen appliances to be installed for the mortgage to go through.
Shamrock Financial for All of Your Mortgage Needs
Thinking of buying a home? The lender for all of your needs is Shamrock Financial. We have loads of experience in helping clients with their FHA-backed mortgages. We can recommend experienced and reputable home inspectors to tell you about the foundation, the roof…and the appliances. Also, we have the expertise in assisting you throughout the entire mortgage process from start to finish. So if you have questions about interest rates, payment schedules, or appliances… just give us a call. We would love to help!