FHA 203K streamline ???'s

[catlady]

I was wondering if I got this type of loan for a fixer if there is anything in particular we should know going into it. I think we find the property, get bids/estimates of the repairs but I am wondering if we have to have a down payment for the loan. It doesn't seem to make much sense to me to put money down on the loan, when I am taking money out on the loan. Anyone know if you do have to put money down? If we ended up having to rent this primary home out in a few years does this type of loan restrict that? To bad it's late on Friday or we'd ask our loan guy the specifics. We may make an offer on a fixer house this weekend.

Thanks,
catlady

[LOTrainer]

I was wondering if I got this type of loan for a fixer if there is anything in particular we should know going into it. I think we find the property, get bids/estimates of the repairs but I am wondering if we have to have a down payment for the loan. It doesn't seem to make much sense to me to put money down on the loan, when I am taking money out on the loan. Anyone know if you do have to put money down? If we ended up having to rent this primary home out in a few years does this type of loan restrict that? To bad it's late on Friday or we'd ask our loan guy the specifics. We may make an offer on a fixer house this weekend.

Thanks,
catlady

Yes, a downpayment is needed for these types of loans. It is just like a typical FHA product where you need to have 3% downpayment.