Currently have $1000. Make $500/week at my job. My goal is to acquire a duplex that needs pretty major cosmetic rehab in the $200,000 to $250,000 range. Question: What are my financing options? Does FHA loan on rehab projects? Aprox. how much of my own money do i need to bring to the table? I want my first residence to be an owner occupied duplex! How can I make this happen?
@Alexander Tirado You may be eligible to get some help with a downpayment assistance program. For instance, in NJ we have the NJHMFA’s Down Payment Assistance program. I would start by researching similar programs in your area. Another thing you can check out, that I heard on a podcast, is NACA. The link to the podcast is here. I definitely recommend you give it a listen. The guest on the podcast goes over how he utilized the NACA program.
As for FHA loaning on rehab projects, they do. They have the 203k loan, which allows you to purchase a property that needs rehabbing at 3.5% down. If you go to the search bar in BiggerPockets and type in FHA 203k, you can get a whole bunch of info on it. Hope that helps!