New To The Community Looking For My First Fha203 K In Nyc Hernan Araujo

[Hernan Morales]

Hello I found this community through Brandon Turner's book, RENTAL PROPERTY INVESTING, and what looks more interesting as a first time investor is looking for an fha203k and make my home more suitable for my family and this being an multifamily to use House Hacking method, if there's someone out there with experience in this no matter what area let me know your experience. I am in a household of 4 using 2 incomes and together we are doing 120k and hace saved 40k for this first deal. We are looking preferably in Northwest of Queens but open for other parts of Queens, Brooklyn and Bronx, as long as it is a safe location and relatively easy to commute to Astoria.

We want to take advantages on the local programs with up to 100k in closing costs or downpayment help(it requires living at least 15 years) so we would prefer a fha203k in order to make some fixes and make it more appealing for us.

Also the other day soemone suggested me a cringy but may be effective strategy in approaching people who is in grief to helping solve the problem of a neglected property by selling it to us, but this strategy looks hard to find a multifamily so we can House Hack. leave me a comment on this too please.

[Christina Grace Evanova]

1. Key points of FHA 203(k) loans

1. Loan advantages

Renovation and home purchase combined financing: The purchase cost and renovation costs of the house can be combined into one loan, and the maximum loan limit can reach $1,209,750 depending on the region (such as Bronx, Brooklyn and other high-priced areas)

Low down payment: The minimum down payment is 3.5% (credit score ≥ 580) Suitable for your budget (40k savings can cover the down payment of about 1.14M property) Multi-family application: Supports 1-4 unit properties, meets the needs of House Hacking, but needs to be self-occupied for at least 1 year

2. Applicable property types

Including single-family homes, townhouses, multi-family apartments, etc., and even mixed-use properties (such as ground-floor shops + upper-floor residences)

Note: It is necessary to pass the FHA assessment to ensure that the house structure is safe and the renovation meets the standards

There are more I can tell you, if it is convenient to leave contact information