Federal Housing Administration (aka FHA), is the government insurance mortgage program. They offer a low down mortgage product of only 3.5% down. They not only offer this low down government insured program but they also offer a property rehabilitation loan (203k loan). This loan follows the FHA minimum requirement down payment, but allows getting bids on work required to fix up the property to FHA lending standards. FHA allows you to get bids from contractors on potential work and include that onto the purchase price. They will include dollar for dollar into the price to calculate your down payment. A great way to purchase properties that need work and include that into the loan. There are two types of these 203k rehab loans. First, they offer the full 203k loan, that requires a FHA approved consultant (like a project manager) to manage major renovations on the property. They also have a streamlined 203k rehab loan. This is maxed out at 35,000 dollars in repairs and improvements. The nice things about this loan, is that there are only two draws and one is released at closing (50% of the improvements). The last portion is done upon completion of the work. This reason this loan is called a streamlined because it an easier process in regards to draw management. This is a great loan to buy a house and get some money to fix up the house. Some restrictions to be aware of, the house can't be a new build built in the last year. Also, the property can't have major structural damage and can't have large amounts of mold damage. If you are interested in learning more about the 203k loan please don't hesitate to contact me.