Investor · Dallas, TX · Member since 2017 · 23 posts · 4 votes
Hello,
I’m looking into buying a property that’s older and doesn’t have central air or heat for rental. My realtor informed me you can’t get a conventional loan on properties without central installed already. Does anyone know if this is true or have any experience buying properties without central installed already? I’m located in Texas and the property im looking at already has renters in it as well.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
8y
That is not true. FHA/Va/FNMA require a heat source but a/c is not required. That can be as simple as baseboard heating. Central air/heat has never been a requirement
San Mateo, CA · Member since 2018 · 37 posts · 4 votes
8y
AFAIK, the lender doesn't look at those details. For lender, the appraisal matters the most along with your credit history and loan amount, etc. Talk with a Bank lender as they would guide you.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
8y
That is not true. FHA/Va/FNMA require a heat source but a/c is not required. That can be as simple as baseboard heating. Central air/heat has never been a requirement
Investor · Dallas, TX · Member since 2017 · 23 posts · 4 votes
8y
Okay, that’s kind of what I was thinking I had read somewhere. That sounded like too restrictive of requirements to me. Might have been a lack of communication but I’ll speak with my lender and get it sorted out. Thanks all!