I have searched to see if I can get an FHA loan without the 203K when a home is in brilliant condition, but just missing the appliances in the kitchen (refrigerator, stove, and microwave). The seller is not accepting 203K, and we really want the home. So, what is the deal with this in order to get an FHA loan. Like I do not see an issue when we were going to get appliances anyway after moving in? So what is your take?
Here’s what I found:
As Per FHA Guidance
Appliances: The Valuation Protocol (page D-26 of Appendix D, Handbook 4150.2) requires the appraiser to note the appliances that are present in the home at the time of inspection and whether the appliance is considered personal property or part of the real estate. The protocol further directs the appraiser to treat non-functioning appliances/equipment as deferred maintenance in the valuation process.
The manner in which an appliance is attached to the dwelling would determine whether or not an appliance should be considered part of the real estate. In some real estate markets, it may be typical and customary for certain appliances to convey with the real estate. In these situations, those appliances should be considered real estate and treated as such in the valuation of the property.
In some cases, such as that of REO properties, all or some of the appliances may be missing and there may be hurt to the floor, wall or ceiling end as a result of the removal. Depending upon the magnitude of the hurt, the appraiser is expected to treat the hurt to the home as deferred maintenance and reflect such in the conclusion of value. Missing appliances must be addressed by the appraiser in the valuation process, particularly when the comparable sales included a full complement of working appliances.
In cases where appliances are missing and minor repairs may also be needed, lenders are encouraged to have the borrower take advantage of the Streamlined 203(k) loan product, which has no minimum repair cost threshold and is designed to cover such improvements/replacements.
Tags: 203 k loan, 203k, appendix, appliances, comparable sales, deferred maintenance, dwelling, excellent condition, FHA 203k, fha loan, full complement, guidance, kitchen, lenders, loan product, magnitude, microwave, missing, personal property, protocol, refrigerator, reo properties, requirements, threshold
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