Home Buying in East Meadow>Question Details

Daisy, Home Buyer in Rochester, NY

would I get declined on a mortgage loan for a home without a basement?

Asked by Daisy, Rochester, NY Fri Mar 19, 2010

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3
Robin Silverberg’s answer
Daisy, I know it is not as common in NY to have a home without a basement, but in other areas of the country there are no homes with basements. None of the Levittown homes have basements, not do the original Roslyn Country Club homes.
You have posted on buying in East Meadow. Regardless of whether you are buying there or in Rochester, feel free to contact me about financing. Although my profile says Stamford, I have always lived on LI and most of the homes I have financed for people have been here, including those with basements. The only issue that ever comes up is if someone pays the same for a home without a basement than someone else paid for the home with a basement, you could risk not having the house appraise at value. Keep that in mind when you are making an offer on a home. If you need guidance in that area as well, I can help you out by looking through some of the appraisals I have.

Robin Silverberg
516-972-1687
0 votes Thank Flag Link Fri Mar 19, 2010
Your loan officer can best advise--however, no--homes without basements do exist in many areas.
0 votes Thank Flag Link Fri Mar 19, 2010
Houses built on a slab get mortgages also. Otherwise they would not be built. They are cheaper than houses with a foundation. If you ever have to deal with plumbing issues those will be harder and more expensive to fix as the pipes are under the slab.
0 votes Thank Flag Link Fri Mar 19, 2010
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