Updated over 1 year ago on .
Looking for a lender for 203k loan who will allow for down payment assistance.
I'm looking to buy my first investment property and will be using the fha 203k loan. I want to leave as little money as possible in the deal. I've been reading about down payment assistance programs and there seem to be some that I could qualify for. Specifically the empower down payment assistance program which has a wider range off requirements and is meant to be used with fha loans. It seems like the perfect solution.
The only problem is when I talked with a lender who specializes in renovation loans like fha 203k he said "down payment assistance programs can't be combined with fha loans". When I pushed back with the information that the empower one definitely can, he then changed it to "well, even if so, we do not allow for those programs to be combined with our loans". I have since briefly searched the internet and am not right away seeing lenders advertising that they work with this program. The program is legit and some people are using it (based on mostly YouTube videos I've seen on the matter) but where are the lenders who allow it and where do I find them? If there are any lenders here who fit the bill please reach out to me.
I'll attach a pdf with more info about the program. https://www.google.com/url?sa=t&source=web&rct=j&opi=8997844...