Property Requirements for FHA 203B and USDA GRH loans

With many foreclosures and distressed properties on the market, there are a lot of questions about property condition. If you are considering a FHA 203B or a USDA GRH loan there must be a working stove in the property. These type of loans also require a heat source, toilets and all utilities must be in working order. They will not finance a property that has cracked or peeling paint, or properties that are in need of serious repairs. The property does not need to have a fridge, washer or dryer. These appliances are considered personal property.