Lenders Lend on Habitable Properties

Dear Monica:  I made an offer on a property that was lot value and the house itself was more or less uninhabitable.  My lender became aware of the condition and would not lend on it.  Is this unusual?  Martha L.

Dear Martha:  No.  Conventional lenders will not lend on properties that cannot be used either as a primary residence nor as a rental property.   In this case, you would have to either pay cash or obtain an unconventional loan at a higher interest rate.  But you cannot rely on a conventional lender for this kind of property..

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