203k loan beginners

[Katie Balascsak]

Hello bigger pockets!

My husband and I are starting the process to get a 203k loan. Just looking for some feedback, opinions, tips for beginners! We have never done a flip before and are excited to learn more about the construction aspect. :)

[Andrew Postell]

@Katie Balascsak we do want you to feel free to ask questions here, there are a lot of misconceptions to the FHA 203K loan, but just to add some clarification here - if you are flipping you should not be using the FHA 203K loan. Flipping is where you purchase a property, repair it, then sell it right after the repairs are done and receive the profits.

FHA requires that someone will occupy the property. So if you are looking for a property to own and live in for a while then the FHA loan might be a product to consider. I hope this makes sense how I am describing this but feel free to ask questions if you need. Thanks!