All Forum Posts by: David Lopez

Hey @David Lopez that is a great plan, the FHA route is for sure a good one due to great rates (won't be as favorable on 203K loan) and low down payment. Current market with low inventory has pushed a lot of the FHA buyers to the bottom of the list when submitting offers to the sellers. The reason that is currently the condition is due to multiple offers and the listing agent/seller being concerned about the appraisal coming in lower than purchase price, which is mitigated by seller asking for no appraisal contingencies and larger amounts of money in the bank.

It is still a great time to buy, just make sure to link up with an agent able to walk you through the process and give sound advice to get an offer accepted.  

An FHA loan is for owner occupied. As first time buyer if you have a job that works remote, you can buy where you like. If your employment involves being in a physical location, that's the area where a FHA loan can fit. A normal FHA purchase means the property has to meet all health and safety code violations. However there are FHA products that allow some limited rehabilitation funds. Lookup 203(k) FHA loans

Try contacting Ashley Hamilton on Bigger Pockets, she probably has some ideas for you...