In order to get a mortgage, the property condition must be move-in ready; it must be habitable and safe.
I often get asked if there is a list of items the house must have in order to meet the habitability standard, but there is not, as it is on a case-by-case basis.
Here is a list of some of the items that may be required before the lender will approve the loan:
● Leaking roof must be fixed
● Pool must be filled
● Upper level decking with no railing, railing must be installed
● Exterior peeling pre-1978 paint where children are living in the property
must be repaired
● Security bars with no quick release in bedrooms must be fixed
● Water heater double strapped
● Property must have a toilet, sink and shower
● Working stove
If the property you are considering purchasing is in need of repair, contact us and we can help you determine if the repairs are necessary to close on the loan.
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Counsel Mortgage Group®, LLC
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