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Updated almost 9 years ago,

User Stats

5
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0
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Sarah Sams
  • Investor
  • Salt Lake City, UT
0
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5
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Bank owned property - needs repairs - conventional loan

Sarah Sams
  • Investor
  • Salt Lake City, UT
Posted

I am interested in putting an offer on a bank-owned property that needs some repairs and does not have a kitchen.  I would need to use a conventional loan, 30yr fixed.  I have enough for 20% down and cash on hand for all repairs.  Would this qualify for a conventional loan or would they reject it because it is not currently livable?  It is going to be a buy-and-hold.  Any experience or comments would be appreciated.  Thanks!

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