Is there a way to get money from the government to buy a house( i.e) investment property and for repairs ?

Asked by Missokay, Irvington, NJ Fri Aug 6, 2010

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Paul Welden’s answer
Paul Welden, Other Pro, Tempe, AZ
Wed Aug 11, 2010
HI Missokay,

We are not aware of any programs available from the government for investors. However, owner occupant primary residence homebuyers can use the FHA 203(k) loan to buy a home in its AS-IS condition and include in the mortgage the cost to rehab/improve the property. Go to http://203kContractors.com for more info.

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203KContractors.comâ„¢
Contractor Directory for the FHA 203(k) loan program
Web Reference:  http://203KContractors.com
0 votes
Carmen Hill, , Los Angeles, CA
Fri May 24, 2013
There are govt loan programs if you purchase 2 - 4 units and you intend to occupy one of the units.
The loan can include the purchase and the rehab costs. FHA 203k and Home Path.
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Sat Aug 7, 2010
Greetings Ms. Okay,

You mentioned investment property in your request for money. I am not aware that the government is giving out funds for investors to purchase homes. There are financial assistance programs available to first time home buyers for owner occupant purchases. If you would like specific details on some of these programs, feel free to shoot me an e-mail.

marsha.bowenwashington@cbmoves.com
0 votes
Ian A. Wolf, Agent, Morristown, NJ
Sat Aug 7, 2010
I am going to assume you mean money that is in a grant and not in the form of a loan like mentioned below. Otherwise the below program is a great govt back mortgage program for fixing up a home. There are a few different grant programs in NJ, and depending on how you qualify for them will determine which you can get and how much you will get. The best way to find out about them is to take the Step by Step to Home ownership program offered by the Housing Partnership a non-profit Neighborhood Works organization. They are an amazing organization and their website is http://www.housingpartnershipnj.org. They know me there, as I volunteer regularly as a speaker. Just call and sign up for the course, it will be the best thing you ever do and make you aware of more than most Realtors know. Hope that helps.
0 votes
Tim Robbins, Agent, Northfield, NJ
Fri Aug 6, 2010
Missokay

Yes if you have 30% down you can get an FHA 203k loan to purchase and rehab the home as and investor as long as you have over 620 credit score and income that you can prove and show that you have operated a income producing property in the past. If you are going to live in the property you can purchase a multi-unit with 3.5% down and get the the repair money in the mortgage.
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