I would like to start flipping houses but i don't have the money to start off. I was thinking can i get a mortgage and start flipping or bank home loan doesn't allow that?
You can get a loan for the purchase as long as you can come up with the down payment. If you live in the house yourself while you are working on it, you can qualify for owner occupant terms, which are more favorable.
Thank you! I’m going to do some research so I can start !
Just know that a FHA loan is low value to most sellers, it's a LOT of paperwork. The positive for you the buyer is the low down payment. With that said, if you go regular FHA the house needs to be near perfect. The 203k like mentioned works, but you need to find a contractor willing to work with you. The scope of work for the job needs to be very detailed, you also don't get the full amount as they hold some back as contingency.
With any FHA loan, you will need to live in the house at least one year as your primary residence.
If you have no history it's going to be harder to get a loan and require you to put more down depending on the condition of the house. Bigger the project, bigger the risk, bigger the requirements...
thanks you !!!
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