Specialized In Jumbo Loans, Investor Loans, DSCR Loans, Non-QM Financing, Commercial Mortgages, and Tax-Informed Lending Strategies
Published By
David Ghazaryan
Owner / Broker / Banker
Contact Me At
(702) 766-3744
NMLS 1486726
FHA Loans: While offering accessible credit terms, FHA loans enforce strict Minimum Property Standards. An FHA appraisal acts as a safety inspection, and any identified issues like peeling paint or an old roof must be repaired before the loan can close, which can be a significant obstacle for older properties.
Conventional Loans: Appraisals for conventional loans primarily focus on establishing the home's market value. They are generally more lenient on minor repair issues. An appraiser will note deferred maintenance, but as long as the appraised value supports the loan amount, the sale can often proceed without mandatory pre-closing repairs, making it a smoother process for 'as-is' homes.
Renovation Financing: Both loan types offer solutions for fixer-uppers. The FHA 203(k) loan allows buyers to roll purchase and renovation costs into one mortgage. Similarly, conventional options like the Fannie Mae HomeStyle® loan provide flexible financing for both the property and the necessary upgrades.
Read the full blog article here: https://www.iqratemortgages.com/blog/fha-or-conventional-loan-for-an-older-florida-home
That helpful FHA loan can actually block your old home. As David Ghazaryan, I structure deals to pass these rules. FHA fails old roofs. Conventional just lowers the home's price. We use seller money to cover costs, freeing your cash. Sellers prefer this because it means a much smoother closing. My article and platforms have more. See links in description.
Read Blog Here: https://www.iqratemortgages.com/blog/fha-or-conventional-loan-for-an-older-florida-home
