203k Loan Experience

[Kyle McGrath]

My wife and I are currently renting but are looking for a Multifamily (Duplex, Tri, Quad) as a House Hack for our first home.

I am wondering if anyone has experience using a 203k loan and certified FHA contractors? We might utilize this loan as an option to finance.

I've heard to expect a lot of red tape and long time to close, but to me, the more work something is, the better the pay off. Wondering if my hunch is correct?

[Elise Marquette]

Hi Kyle, the FHA 203K loan can be a really great option if you find a property that needs work. It's pretty flexible when it comes to the work required- it can be anything as simple as updating a couple appliances all the way up to major renovations. You'll have to work with an approved licensed and insured contractor (which probably isn't the worst thing in the world!) and the contractor is paid in draws as the work is completed. The length of time it takes to close largely depends on your contractor that you select and how efficient they are. Feel free to DM me if you'd like to discuss in more detail