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Updated over 8 years ago on . Most recent reply
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What disqualifies a house from financing?
I know that a house needs to be livable for most FHA financing ect....
I'm looking for my first live-in flip and I'm basically looking for the crappiest house that will qualify...
Is there a list of specific things that will disqualify it? I don't want to waste time trying to jump on a house that's a good deal because it's a fixer, but find out it's too much of one because of reason x,y,or z to qualify for financing.
Any resources would be greatly appreciated!
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Most Popular Reply
Sounds like a great plan! I recently bought a duplex as well with FHA financing. A few things that I was told by that FHA says are:
Must meet the minimum standards of safety, security, and soundness.
I found a link that goes into way more detail of what the requirements are for FHA loan:
http://www.investopedia.com/articles/mortgages-rea...
Hope this is helpful and you are able to locate a great property!