FHA 203k for first rental property in Houston TX

[Alexandre Medrano]

Howdy!

I am currently out shopping for lenders to purchase my first rental property (looking to house hacking in a multifamily) in the Houston area. I have been researching on loan types that fit my financial state and found that the FHA 203B or the FHA 203k are my best fit. The FHA 203K sounds amazing in concept with being able to add the renovations cost to your actual mortgage. Through out my lender shopping experience I found that a lot of lenders have no experience doing FHA 203k loans or that they strongly discourage it due to the long hard process that takes place in processing one (mostly on qualifying contractors).

I really want to go after the 203k option, so I am asking the group for first hand experience stories with either loan option to see if its worth pursuing. Looking forward to the discussions! :)