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finished basement???

Posted by on Jun. 21, 2009 at 12:49 AM
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So my question is if we are interested in a house that is a split-level and the top floor is finished dining room, kitchen, living room, 3 bedrooms, and 2 bathrooms  will a va loan be approved if the basement is not finished there is 2 bedrooms down there done and a roughed in bathroom/family room that basically just needs sheetrock and finishing.  We were under the impression that as long as the main house was finished it would but this listing stated that they weren't sure a va or fha loan would pass with an unfinished lower level? 

by on Jun. 21, 2009 at 12:49 AM
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Replies (1-3):
RealtorHolly
by Group Admin on Jun. 21, 2009 at 2:21 PM

Are you working with a Realtor? A local experienced Realtor would be able to answer that question probably very easily.  I live in a region that doesn't have basements, so I can't help.  My first thought, was that if it isn't finished then it isn't included in the square footage as living space, so would probably be okay--however, I could be way off base because I am not educated in that arena. 

Holly Bawcum




Associate Broker, Albuquerque, NM




RE/MAX Alliance Realtors




505.604.6110

babyspots17
by on Jun. 21, 2009 at 4:14 PM

We have a realtor and he said that he didn't think it should be an issue b/c its not listed as a five bedroom but just a 3 bedroom and not included in the finished footage.   But we have been having a hard time getting a house and just want to make sure. 

tenacity
by Group Admin on Jun. 22, 2009 at 4:05 PM

 Besides stubbing for a future toilet/shower.  If it appears to be construction/remodelling...incomplete. It may have to be finished.

Seriously, it all depends on the appraiser. Some will let it slide and some won't.

I've been turned down more times than not.

This is even with a regular FHA loan.

the other part of why your Agent said she s thinks it wouldn't matter is because the unfinished basement was never part of the estimated value.

Well, that is correct if we're just talking price. But, it's not a matter of price.  It's a matter of do you have something unfinished that could cause the lender to say. I don't want to give a mortgage on an unfinished home.

My last denial was a room addition. It had everything but the floor covering and was missing 1 wall of drywall.

BBZZZZZTTT!   NOT!.

In order to get the loan someone has to finish it. What a waste! a beautiful home sits there wasting away because the loan company won't budge.  YET, the future homeowner will undoubtedly finish it once he owns it.

No one in their right minds would spend money on that large of a project BEFORE closing.

2 people I had planned to sell this home to would not go for the 203k because the interest rate was much higher on that type of loan and they couldn't see their way to do it.

you rockMary Wilcox
               Realtor
Reece & Nichols
Kansas City Metro Area
816.407.5284   email me:  marywilcox@reeceandnichols.com

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