Hello - I am looking to buy my first house in Northern Denver area. I will be paying off my student loans by November of this year to open up cash flow. My lease is not up until February 2020. I should have roughly ~$10k saved up by then. Sadly that is not enough for a 3.5% down payment on a single family house in Denver market. Is there a way to combine the 203K loan with a CHAFA/down payment grant? Or try to negotiate a month-to-month and buy when I have enough saved? I'm looking to upgrade a house with solar panels, house hack 1-2 years, then rent out.
Would love to hear people's thoughts. Been educating myself past 2 months with podcasts.
@Chris Desmond Mostly lender won't combined DPA program and 203K. There is program $100 down payment under FHA which can be comined with 203k program but you have to go in HUD website and keep monitoring those properutes.
@Harjeet Bhatti - ok thanks for this info!
Hi @Chris Desmond ,
Down payment assistance is an avenue that will help achieve your goal of home ownership. There is not a benefit to wait and negotiate your rent. The first step is to get pre-approved with a lender who is proficient in lending with house hacking in mind. The Denver Area is a prime spot for house hacking. @Chris Lopez is an experienced real estate agent who co-instructs classes on “House Hacking” among other useful investment strategies. Please click on Chris above to learn more!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing