When it comes to buying “fixers” in relatively poor condition, either FHA or Conventional financing can be used. As long as there are no glaring condition issues (major leaks, sloping floors, water damage, etc.), and as long as no reports or issues are referenced in the MLS or the contracts, “fixers” can be financed.
And again – it makes no difference whether the financing is FHA or Conventional.
If conditions are too poor or if something significant is called out by the appraiser, a 203k loan (either conventional or FHA) is a viable option. 203k loans do not need to take 45 days to close. We have sources who can close 203k loans in 21 days b/c of their skill at doing them. Contact us for more information.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646