Do lack of GFI's prevent funding?

[Richard W. Washington]

The buyer asked me if lack of GFI's would prevent him from getting his loan? I thought no. Is that correct?

He also had told me that his mortgage co. would not allow water heaters older than 10 years. Had never heard that before.

[Paul W. Abernathy]

Richard,

I have never heard of this.....while GFCI's are very important and do save about 600 lives a year I am guessing that would be a question the Insurance people would need to answer.

GFCI's have come down the PIKE for some time but having them and requireing them are really based on the time the home was built...

Here is a link to the GFCI history you may find helpful..

http://www.mikeholt.com/documents/nec/pdf/GFCI_requirement_page2.pdf

[David P. Valley]

Originally Posted by rwashington

He also had told me that his mortgage co. would not allow water heaters older than 10 years. Had never heard that before.

Someone's pulling his chain....

[wsiegel]

Some insurers in Florida, probably as a way to cut down on the number of homes they insure, will not insure homes were any of the plumbing (water heater, faucets) are over 10 years old. A lot of companies will not write policies on homes that are over 10 years old, period. On the older homes where they require a 4-point, I have heard of companies that will drop the home if GFCI's are not installed, or they will insure it a higher rate.

[David P. Valley]

Originally Posted by wsiegel

Some insurers in Florida, probably as a way to cut down on the number of homes they insure, will not insure homes were any of the plumbing (water heater, faucets) are over 10 years old. A lot of companies will not write policies on homes that are over 10 years old, period. On the older homes where they require a 4-point, I have heard of companies that will drop the home if GFCI's are not installed, or they will insure it a higher rate.

I'd like to see a policy where it states that sort of information....

[Paul W. Abernathy]

Wow.....and I bet the Plumbers, Electricians and HVAC guys are EATIN fat and large in Florida on those policies.....hey I am not complaining.....they can start that here in VA if they want. I got my TRUCKs primed and ready.