Can I Get Appliances With A 203K Mortgage?

The purchase of a house that needs repair is often a catch-22 situation, because the bank won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased.

As covered in previous articles, the streamlined loan covers light repairs. Unlike the 203(k) loans, the streamlined version does not require homeowners to hire licensed architects, contractors or engineers. The streamlined 203(k) loan involves significantly less paperwork than the non-streamlined version.  The loans are not limited to a specific housing type or geographic area.

Projects covered by a streamlined 203(k) include:

• Roofs and gutters
• Heating, venting and air conditioning
• Plumbing and electrical
• Minor kitchen and bath remodels
• Flooring and painting
• New windows and doors
• Improving energy efficiency
• Adding a deck, patio or porch
• Buying new kitchen appliances or a washer and dryer

Yes, you can include new appliances in your loan!  This is a great opportunity for those who have older, non-efficient appliances, to upgrade to something energy efficient.  You will also reap the benefit of reduced utilites in comparison to the utilities paid to use your old appliances.

There are so many benefits to this mortgage program.  Be sure to ask a mortgage professional about it and they will help you in determining whether or not it fits your needs.