Thinking of Buying a Fixer Upper?
How will you be financing the purchase and rehab?
When getting a loan for a property, the bank will require the home to be in a certain condition.
Typically, federally backed mortgages (like FHA, VA, or USDA) have more strict guidelines on what condition the home needs to be in. Working lights, outlets, faucets, and windows that open are just a few requirements they typically have.
Conventional financing typically has less requirements for the condition of the property, but also may require a larger down payment.