203K Loan - need more information for a General Contractor
General Contractor looking to expand and get off my feet. Assuming I wanted to do a flip. Its obviously an investment property. So does that mean i need 20% - 25% down payment? Also if i were to do a 203K loan does that mean that the loan includes the mortgage plus the repair cost minus the down payment? Does anyone know if there is a requirement for down payment on a 203K loan?
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1 point is 1% of the value of the loan. It's like paying interest up front.
Conventional loans are under Fannie Mae
FHA loans are under the Federal Housing Administration
The Fannie Mae Homestyle loan is a conventional loan that combines purchase and rehab funds in one closing. It can be used by investors.