Can I buy a fixer-upper with a conventional loan?
Sometimes. Standard conventional accepts properties in 'as-is' livable condition. Major repair needs (roof, foundation, systems) may need to be cured before closing, similar to FHA. For larger renovation projects, Fannie's HomeStyle Renovation loan or Freddie's CHOICERenovation wraps purchase + renovation into one loan.
Plain-English explanation
Cosmetic fixer-uppers (paint, kitchen update, flooring) typically pass standard conventional appraisals. Properties needing major work (new roof, electrical, plumbing) get harder — appraisers and lenders may require pre-closing repairs. Renovation loan products (HomeStyle, CHOICERenovation) finance the as-completed value, allowing the buyer to roll renovation costs into the loan. Renovation loan availability is limited compared to standard conventional. Subject to Fannie/Freddie program rules.
What can change the answer?
Property condition, comparable sales availability, appraisal waiver eligibility, and Reconsideration of Value can change the appraised value.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Appraisal
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.