Matthew,

R.W. is correct with the down payment being 3.5% just like an FHA. The minimum credit score with some lenders could start at 620 other lenders start at 640. Buyers have to have 3.5% of their own money in the loan process this could be a gift. Sellers can give concession to the buyer for closing costs and pre-paids, but again buyer must have 3.5% of its own money in the transaction. Keep in mind that FHA guidelines have changed within the last year and could change again and it is helpful to meet with a lender so they can update and educate you as they change. Also, it all depends on the property. This is why working with a team of professionals will help you. Every property, owner, buyer and transaction is different.

3.5%
620
you have to pay the HUD inspector to come out an assess what work needs to be done ($400). Their should be no out of pocket expeses to fix the property. They should all be wrapped into the loan