Kimberly Penrod of Fairway Mortgage and I discuss the ins and outs of FHA, VA, Conventional and Rural Development.

How is the loan type relevant to buying a house?   Let’s start with FHA and VA each require the home you are purchasing to be in good shape.  A fixer upper isn’t going to be the right property for these loan type.  There are 203 K versions of each of these loans but they are often not what people expect.  Most buyers think about how they’d love to do the work themselves and look at it as a “sweat equity” dream come true but the reality is you don’t get to do the renovation.  The repairs are budgeted into the purchase price.  There are several perimeters that the home has to meet to make this work.  More on that later.  I’ll share the interviews that breaks down those loans on a later date.

Conventional is more flexible.  The home can require work but it still has to be considered a safe place to live.  Rural Development and VA are the two zero down loans.  VA is for Veterans, Active and Retired Military.  Rural Development requires the home to be outside of the city.  So, for Topeka Kansas you’re looking at places just outside of Topeka.

I hope you find these interviews helpful!  If you are looking to buy, sell or invest, please give us a call at 785-213-5188.  Also, please subscribe to Real Estate 101 with Karey Brown https://www.youtube.com/channel/UCXwFmqoRzabyUNEUjNQDNFw