financing a fixer: Creative FHA: Skip the Big Down Payment and Build Equity in Your Fixer - 08/13/12 06:41 PM
Earlier this year a young lawyer bought a pre-1900's fixer in San Francisco. She had over $200,000 in the bank and yet chose to use a regular FHA loan with a 3.5% down payment.
At the same time, east of San Francisco, another run down house was being purchased in an affluent suburban neighborhood. Again, the engineer with a PHD and his pharmacist wife had plenty of money for a down payment, but instead chose FHA for to keep the down payment to the bare minimum.
Why?
Both buyers realized this: By making the minimum down payment and using the cash to fix … (27 comments)