First $0 Down property Rant

[Natalie Kolodij]

I've been getting things in line to look for my first live in fix/flip 

My state offers a program to first time buyers where your down payment (up to 4%) is attached as a second mortgage at 0% interest for 30 years- allowing you to buy a home you occupy for $0 down. (Had to take a course and some stuff to qualify for the program). Great. Getting excited. 

Bummer 1: It can only be used on SFH, no duplex, even if you occupy half.

Alrighty, focus on a 2 year live in flip property instead. 

Bummer 2: Although you're allowed to use it as a down payment for a 203k- no lender will let you. The two programs have very different time lines for funds disbursements and such and so it just doesn't work. 

Womp Womp. 

So now I'm in a bubble of finding the crappiest SFH I can that will still qualify for FHA financing.

Friday rant over.