What is the impact of a home's condition on financing?
By Bob Millaway, South Jersey Community Expert & REALTOR®
The condition of a home directly affects whether it qualifies for certain loan programs. FHA and VA loans require properties to meet minimum property standards covering safety, structural integrity, and livability. Conventional loans also require a reasonable condition. Significant issues like a failing roof, electrical hazards, or major water damage can delay or prevent financing and require repairs before closing.
Why It Matters
Sellers of homes in poor condition may need to make repairs or sell only to cash buyers, which limits the buyer pool and can lower the sale price.
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