Some sellers will have their home listed on the market allowing only a Cash or Conventional loan buyer to make offers on it. They don’t want a buyer that is obtaining an FHA or a VA loan. The usual reason for this is because the appraisal done on an FHA or VA loan is a little more stringent with it’s requirements for the property to meet the government FHA or VA standards.
For instance, FHA requires that there not be any peeling paint on the property and if there is they will require this to be fixed prior to making the appraisal report satisfactory for the lender. Other things that FHA or VA appraisers might be looking for are deteriorating brick, rotted wood, exposed wires, signs of leaks, roof issues, foundation issues, etc.
So in order for sellers to avoid having to fix any of these things they will list their home to only take offers from Cash or Conventional buyers.
If you would like for us to check on a property for you and see if you qualify for a VA or Conventional loan click here to contact us. Thank you for reading.