Home Buying in Austin>Question Details

robins_bcspa, Home Buyer in Giddings, TX

I would like to get rehab loan approx 90k, credit score 640. What kind of down payment is required?

Asked by robins_bcspa, Giddings, TX Tue Jul 8, 2014

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3
If you're looking to purchase a property that needs re-hab, you can do a FHA 203k loan. The down payment would be 3.5% of the purchase price. With this type of loan, you can purchase the property, finance the cost of the rehab, and complete the repairs as soon as you close. There are some caveats, however. The repairs must be over $5,000 and cannot include foundation, room additions or a pool.

Call me for more information at 210-685-7642.

Vino Alonzo, Loan Officer
NMLS# 184279
First Cal Mortgage
210-685-7642
valonzo@firstcaltexas.net
0 votes Thank Flag Link Thu Jul 10, 2014
There is not enough information to answer this question. I would highly recommend speaking to a good loan officer to review all your options and see what is the smartest play for you and your goals. Good luck !
0 votes Thank Flag Link Wed Jul 9, 2014
What kind of loan are you asking about and what
0 votes Thank Flag Link Wed Jul 9, 2014
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