Home Buying in Sacramento>Question Details

f_maupin, Home Buyer in Sacramento, CA

Can you get down payment assistance with a FHA 203K loan?

Asked by f_maupin, Sacramento, CA Wed Feb 13, 2013

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Cleichus’ answer
Yes, you can use an FHA 1st mortgage with a down payment assistance program. We combine the 1st with a grant and the borrower only needs a .5% down payment. In some cases, the lender may be able to help pay most of the closing costs with a lender credit. For more information, please feel free to contact Chris Leichus of Princeton Capital. (916)601-8583 or http://www.princetoncap.com/chrisleichus
0 votes Thank Flag Link Sat Feb 16, 2013
I have around 14,000 saved with a FIFO score over 640 but its hard finding a house around 200,000 that doesn't need work.
1 vote Thank Flag Link Wed Feb 13, 2013
I don't believe there is down payment assistance for a 203k loan. I just researched this yesterday and could not find any programs that were available for 203k loans. I actually hope that a loan officer will respond to your question with more positive news. I like to be proven wrong from time to time, especially when it could help one of my buyers.
1 vote Thank Flag Link Wed Feb 13, 2013
Ute Ferdig -…, Real Estate Pro in New Castle, DE
I haven't heard of down payment assistance with a 203K loan. Your best bet is to contact a local lender and ask them that question. Good luck!
0 votes Thank Flag Link Sun Oct 20, 2013
Yes, you can. Down payment is as low as 3.5%. For more details about 203k loan, visit http://www.cfs203k.com. CFS Mortgage and RenovationReady brings together more than 50 years of traditional and renovation lending know-how.
0 votes Thank Flag Link Sun Oct 20, 2013
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
0 votes Thank Flag Link Sat May 25, 2013

I have a DPA program that can work for FHA, VA and USDA purchase loans. Send me an email and I will forward the guidelines and particulars.

Take care
Web Reference: http://www.AFN-loans.com
0 votes Thank Flag Link Wed Feb 13, 2013
The simple answer that everyone else has said is no. Since the loan amount will be greater than the purchase price, the downpayment needs to come from you.
0 votes Thank Flag Link Wed Feb 13, 2013
While the down payment assistance programs interface beautifully with the typical FHA purchase loan (the 203b) they are not available with the FHA 203k program.

Since it is a purchase/construction structure the loan amount becomes greater than the purchase price.
The down payment needs to be 3.5% of the full loan amount which offers amazing opportunity, but there is not a program to provide assitance with this.
0 votes Thank Flag Link Wed Feb 13, 2013
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