Fixer-Upper: Conventional Loan or Construction Loan?
If the house is a “fixer-upper” being sold "as-is", would you get a conventional loan or a construction loan? by BrendaDimato810 from Chatsworth, California. Feb 24th 2017
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,852 contributions
It depends what condition the house is in today. All mortgage loans, including conventional say the house must be livable at the time of closing. So everything must work, and no safety issues. If the homes 'needs' mandatory repairs, that is something different. I suggest talking to a local mortgage broker about just buying the home, and fixing it after closing, or will you need one of the two repair loan options, either a FHA 203k, or the conventional rehab loan. For rehab loans in MN, WI, SD, visit me at www.JoeMetzler.com/203k
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