Asked by First Time Home Buyer, 04102 • Tue Feb 7, 2012
price? The house I'm buying is going to be converted to a 2 unit, and needs extensive repairs before it will be liveable (a barn needs to be repaired; kitchen needs appliances; wiring, roofing etc). As I mentioned above, I'm going through the FHA first time home buyer's program, then I'll be using a 203k streamline loan for the repairs. I'm wondering if the 3.5% down payment is calculated based on the amount of the entire loan (i.e. the 203k loan AND the sale price of the house minus seller concession) or is it just based on the sale price of the house minus seller concession?
Real Estate in Portland
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