203K Loan Question -- Could I Qualify In This Scenario
I love the idea of the 203K mortgage (which I learned about on a recent BP podcast), however I am not able to live in any investment property I buy. I know someone I could "partner" with, who would be willing to live in a C-class building, but has little to no money to invest. I was thinking I could consider the savings in down payment as his contribution to the deal, and allocate % ownership accordingly. Does anyone know if this seems feasible? Would I be able to qualify for a 203K under these circumstances?
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Hey there everyone! I’m not sure how deeply any of you have researched the 203K loan, but in the spirit of sharing knowledge, I started a discussion on the subject here: The 203K Loan - Open Discussion. Lots of great stories from people who succeeded and had nightmares with this type of financing. Many pros, but also many cons if you are not prepared.