Newbie in Seattle..Ready to take action!!

[Zachary Datuin]

Hello!! Im a newbie in the Seattle area and after reading books and using all of the resources from BP, I believe it is time to take action. My wife and I moved here recently after we got married in AK, so making these big time moves in a big time city is pushing me outside of my comfort zones  lol. However, it needs to be done. Im a third generation flooring installer that comes from a family with zero education regarding anything finance related. I need to break this chain...We have never purchased a home, so we plan on starting off with the Live-in Flip strategy. The thing is, we heard about a first time home buyers program...so my strategy was to use this program to get the loan to purchase a property to flip. Is it this simple? Or am I being misled on this program? What are your thoughts in general regarding this strategy? Thanks guys!!

[Cody Evans]

Hmmmm, sounds like there may be a catch. My friend told me Wells Fargo has a program like that but you need to live in it for 5 years. Another option is an FHA 203 loan where you can put as low as 3.5 percent down and get money for repairs but I am unaware of the details on how long you must hold the property.