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Updated over 8 years ago on . Most recent reply

User Stats

20
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Shannon Vanderweide
  • Investor
  • Sioux Falls, SD
6
Votes |
20
Posts

Conventional loan HOUSE requirements?

Shannon Vanderweide
  • Investor
  • Sioux Falls, SD
Posted

Hello all! 

I was hoping someone could help me track down the requirements for the house (not the buyer) for a conventional loan? I am looking into my 4th investment property now and I am interested in doing a long term flip. By that I mean, I would like to purchase a foreclosure or single family home that needs work and live in it while flipping it over a period of 6-8 months or so. 

My current lender that I use seems to have no interest in helping with such a deal and will not point me in the right direction. I plan on using my own cash for down-payment and for repairs, my question is, what are the requirements for the HOUSE to be financed with a conventional mortgage? 

Any input or pointing towards the right general direction would be greatly appreciated!! Thank you!

Most Popular Reply

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9,934
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10,788
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Chris Mason
  • Lender
  • California
10,788
Votes |
9,934
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Chris Mason
  • Lender
  • California
ModeratorReplied

Complete and functional home. Toilets that flush, oven that works, etc.

So if it's missing an oven, get on craiglist, find one to check the box, and throw it in the kitchen prior to appraisal. 

  • Chris Mason
  • Loading replies...