FHA 203 K LOAN IN LOS ANGELES

[Kasey Destache]

Hi Everyone, 

I'm fairly new to BP and working to get my real estate (agent) license and becoming an investor. I've been looking at some multifamily properties in Los Angeles and I've been looking into the FHA 203 K Loan. I plan on living in one of the units and rehabbing all of the units. Does anyone have experience with this loan in Los Angeles? I'd be a first time home buyer and plan on doing renovations myself with the loan but I read a few contradicting articles that included info such as: contractors need to be approved, choosing the limited 203k loan option, etc.

I'd really appreciate any feedback. 

[Peter Mckernan]

@Kasey Destache The lender when you do these will need contractor estimates to submit with the file when giving it to the UW and typically the rates are a little higher than normal as well due to the risk for the lender. They bundle the whole loan/rehab within one.