203K Loan Eligibility

[Shane Johnson]

I have just recently started looking into the 203K loan as an option to purchase a future rehab. I am curious as to what the eligibility requirements are for this, if one already has current mortgages? In my case, my first house was financed with a USDA rural development loan, my second with a conventional loan. Would my USDA loan effect eligibility? I lived in the first house 3 years, and now will live in the conv. loan house for 2 years. I am aware the 203k is for owner occupy only. Would I be eligible for this type of loan on a rehab property? Does anyone have any experience with these, and would it be worth all the appraisal, inspection, holdback/withdrawl hassles? Or should I stay solely focused on sourcing private lenders instead?