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Buying and Selling Homes

Conventional Loan or Cash only?

9 years ago

What about a (foreclosed) house would cause a bank to specify Conventional loan or cash offers only?

Or perhaps the better question is, what does an FHA or VA loan require that a Conventional loan would not?

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Comments (6)

sushipup1
9 years ago
Seller pays a lot of the costs with FHA and VA loans.
peegee
9 years ago
Well, for one, a roof with little or no life left could not close FHA I'm told...
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mpinto
9 years ago
Roof issues, peeling paint, and safety issues, such as railings. There are others I'm sure. They keep changing the rules.
ncrealestateguy
9 years ago
Usually condition of home. Not enough of a down payment on FHA, USDA or VA loans to meet the banks loan to value ratio on a home with known, and probably unknown issues.
Chadoe3
Original Author
9 years ago
Would it need to be something significant to structure or safety? Or would something as basic as missing appliances cause a restriction?

The house I'm curious about has a relatively new roof (within 5 yrs), plumbing and electrical work (although no inspections, so no idea if there are issues), but ALL of the appliances are gone.
ncrealestateguy
9 years ago
Having no appliances will do it, for sure.

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