FHA 203k loan advice

[Cheryl Fielding]

I financed my first investment successfully in Brooklyn NY using an FHA 203k loan a few years back. I am now interested in doing it again, however I already own 2 multi fam properties. So, a couple of questions: - will I have difficulty getting a 203k now that I have other properties and am not a new home buyer? - will I have difficulty getting a 203k again (note: I refi'd out of the old loan a long time ago and have since sold that property) - does anyone know of very experienced 203k loan providers in my area? Thanks!!

[Christopher Phillips]

First time buyers are anyone who hasn't owned a home in three years. However, buyers that don't have great credit for other products might be eligible.

For buyers with better credit, there is the HomeStyle rehab loan as well.

203(k) is really just a product that wraps a lot of things into one program if you don't have great credit.

It is also common to get a 1st mortgage and a 15 year home improvement loan at the same time.