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Updated almost 8 years ago on . Most recent reply

User Stats

890
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Derrick E.
  • Investor
  • The Creek, WV
1,442
Votes |
890
Posts

Conventional loan question

Derrick E.
  • Investor
  • The Creek, WV
Posted

I'm looking at a house that has a bowed wall in the basement which won't allow the house to be financed right now.

A structural engineer came out to inspect and gave an estimate of the cost to "fix" the problem. The solution is carbon fiber strips running down the wall to keep it from getting worse. The strips come with a life time guarantee.

Now to my big question. If I buy this house and have those carbon fiber strips put on, will the house now be eligible for conventional mortgage? Its a nice house and I plan to hold on to it for a long term rental, but I want to make sure I have all of my exit strategies covered. 

I'm fairly new and I really need to know if this is possible or not.

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