Certificate Of Occupancy - Surprise!

Is a certificate of occupancy necessary for your home mortgage refinance?

My appraiser walked back into our office one rainy day with a dazed look on his face. "Kate," he complained, "I've been out mucking through the mud and can't find your client's house. Only a barn is at that address."

I thought back to my first conversation with the homeowners. "We just finished our remodel. Do you need to see the building permits, Kate?" they had asked.

WHAT Is That You're Refinancing?

Back then I worked for a bank famous for not being a stickler over excess paperwork, building permits included. But as it turned out, my borrowers were refinancing a barn they'd converted to a modern loft... skipping over the building permit process. To top it off, they were already living in the barn/loft.

Residential Construction And Final Permit Process

During residential construction, government agencies issue permits to certify compliance with local building codes at designated intervals. When the house is finished, a final permit, the certificate of occupancy, indicates that the house is complete and safe for occupancy.

For new construction, lenders require a final certificate before closing.

Mortgage Refinance And Certificate Of Occupancy

But when it comes to refinancing, are certificates of occupancy required following home improvement projects?

Easy answer. Sometimes. It all depends on...

• The extent of the project, major remodel or minor cosmetic?
• Where the house is located, which city, county and state?
• What does the specific lender refinancing your home require?

Comparing Home Mortgage Lenders

When it's time to compare mortgage rates and lenders for your refinance, be upfront. If you remodeled a barn, you remodeled a barn, right? Don't just hope for the best.

The fact that my homeowners had converted a barn to a loft was a pretty hefty surprise for my appraiser, after all. But if only new kitchen cabinets were installed, explain that too.

The time to ask about the final certificate of occupancy requirements is BEFORE applying for your home mortgage refinance.

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