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Allowance for Handicapped Accesibility Modification Costs in a Mortgage Amount?

I am in the process of buying a new construction condominium and encountered this issue during the mortgage application process. I use a wheelchair and will require the installation of a ramp as well as several other modifications to make my home accessible to me. I asked the builder to include the modifications in the purchase price of the unit. The issue came up when the mortgage appraisal took place and we were told that we could not borrow enough to cover the cost of the condo plus the added cost of the modifications because the modifications would not add any "value", and 95% of the appraised value was the maximum we could borrow. Luckily the builder was only charging me for the cost of materials which comes to $2,500 and I can afford to pay that extra amount at closing, but what if I needed more? This strikes me as being borderline discriminatory. I did consult the Real Estate attorney handling the sale and he did not offer an opinion on the legality but did say it seemed somewhat unfair. Any advice?  Thanks
  • August 27 2011 - Cumberland
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Answers (1)

Profile picture for shapiroamg
You can build any upgrades into the purchase price but the value has to be supported. Does seem unfair but rules are rules. Is there some sort of state/city grant money that may be available for this purpose??
  • August 27 2011
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