Property Condition? What Is “Lendable?”

Properties can be very “tired” looking and still get financing (with repair requirements). Very old appliances, worn counters, worn floor coverings, dated decor, old roofs, faded paint, a few holes in the carpet and even walls are all “OK.”

As long as there are no major and visible structural issues (clearly leaky roof, undulating floors b/c of foundation issues) or health and safety issues (peeling lead paint, missing floor coverings, exposed electrical wiring, etc.), properties can get financing without issue.

The key is to make sure the MLS, the contract, and all other on-line information resources are scrubbed of all references to property issues or defects.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646