Thinking about a conventional loan? You might be wondering how picky lenders are about the type of property you're buying. In general, conventional loans *can* be less strict than government-backed options like FHA or VA loans when it comes to property types.
While FHA and VA loans often have stricter requirements for safety and condition, conventional loans offer more flexibility. This means you might have a better chance of securing financing for properties that don't meet the rigid standards of government programs. Think condos, manufactured homes, or even properties needing some TLC.
However, 'less strict' doesn't mean no restrictions! Lenders still want to protect their investment. They'll assess the property's value and condition to ensure it's a worthwhile asset. So, while a conventional loan offers more options, a solid appraisal and inspection are still key to a successful purchase. It's always wise to discuss your specific property with a loan officer to understand the possibilities and any potential hurdles.
