Asked by Meghan, 20724 • Sun May 10, 2009
We are looking at buying a fixer-upper in Maryland. I've been reading about the FHA 203K loans, and they sound perfect for this situation. I read that you only have to put 3.5% down on a 203K loan - is this still true in the current market? Are there any penalties for putting such a low down payment, like there are in the regular non-rehab FHA loan? Our loan specialist told us not to go for the regular FHA if we could put 10% down since all the fees make it painful. We have the money to put 10% down but we'd rather save our funds if we have the option to do so.
Also, is the down payment calculated from the price of the house, or the house rehab loan? For example, for a $200k house that needs $30k in repairs, would a 10% down payment be $20k or $23k?
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