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Updated over 3 years ago on .

User Stats

3
Posts
1
Votes
Robert Murphy
  • Brooklyn, NY
1
Votes |
3
Posts

FHA 203k loan Story - any successes out there?

Robert Murphy
  • Brooklyn, NY
Posted

Hi! I'm relatively new to BiggerPockets but have a friend who has talked a lot about the valuable content on here. Something that I've recently started considering is buying my first home (next 1-2 years). I'm planning to use this as my primary residence for 5+ years, then would either sell or rent (based on what makes the most sense at the time). Ideally, I'm hoping to buy in a neighborhood that is "up and coming", so I would be able to capture some of the market appreciation. 

I've come to believe the best way to get a deal in an "emerging" market would be to buy a fixer-upper and do renovations (vs. buy a home that is turn-key). 


Does anyone have any success stories using an FHA 203k loan for their primary residence? Did they use it for a major renovation (e.g. total gut remodel) or something smaller (e.g. new kitchen)? I read this thread, which was helpful, but the purchaser ended up going a non-traditional route to get the loan. Would love to hear what's out there!