Anyone Completed Or Been Involved With An FHA 203K Purchase?

[Jay P.]

I am a buyer looking to purchase a primary SFR in PHX (Tempe - Chandler - Mesa). I have already been pre-approved for a conventional loan at $275K although most homes are going for a significant amount over asking, or cash offers etc. so it's very competitive to get an SFR.

Wondering if anyone has actual experience as a buyer/GC/Lender/Agent for a 203K purchase?  If so please share your experience? Pros - Cons?  
Thanks!

[Dave Spooner]

@Jay P. I've been involved on the buyer side of a couple of them. It's an excellent mechanism to get started investing. My main tip would be to get a contractor you feel very confident in. Don't jump at the lowest bid - interrogate why the contractor came to that price and be sure to get additional bids.

I'd also recommend attempting to refinance as soon as you're able to to help drop the MIP (like PMI but for 203ks). Good luck!