First Time Home Buyer

[Terrill Clark]

Hello Everyone, I'm currently living at home saving money as I'm looking to purchase my first home/townhouse by the end of the summer. From my research so far, I see that I can put down 3.5% with an FHA loan. I was always told 20% like I'm sure majority of you were told at first Anyway, I was looking at places ranging from $130-190,000 (just seeing what's out here) and in most places I'd want to redo the floors, kitchen & bathroom. I was told about the FHA 203k where I can wrap the renovation into the mortgage with a $35,000 cap. It sounds good if I find a decent place at $130,000 but does anyone know of any thing I should be aware of when trying to purchase this way? Unexpected out of pocket costs or just your own experience with FHA 203k I'd appreciate any input! I'm thinking I could hold on to the property for a few years and then sell or just rent out and move onto another property