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
First Cal Mortgage