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Updated about 17 hours ago on . Most recent reply
FHA 203(k) Loan for First Deal?
Hello all,
I'll be in the position to make my first deal in about 3 months, so I'm planning how to finance it. I want to do either a simple fix and flip, or a multi-unit house hack BRRRR. Either way, I will get an FHA for the 3.5% down, but I'd like to do a FHA 203(k) so I can use leverage on the rehab and not have to go completely out of pocket.
Have any of you done this, or do any of you have any words or advice for or against doing this? I greatly appreciate any help!
Thanks,
Spencer
Most Popular Reply
choose your partners wisely ... lender and contractor
Lender should have verifiable 203k lending experience. HUD.gov has 2 databases of these lenders.
Contractor should be a Certified 203k Contractor
Hope this helps!