FHA 203K in Brooklyn, Bronx, Queens

[Donald Jeune]

I am looking to house hack using a 203K loan in Brooklyn or Bronx.  I recently got pre-approved for a 203K loan for 400K (acquisition and repairs). I plan to also use seller concessions to have the seller cover the closing costs. I am only looking for multi families, with a minimum of 4 bedrooms (2 in each unit) in order to cover or significantly reduce the mortgage cost using the rental income. The property has to be fairly close to a train station.   I found properties are realtor.com, trulia, and propertyshark that are 350K and below where the numbers make sense but it seems that they are either getting snatched up by investors or buyers who are willing to pay way more than the listing price. Does anyone know any other website or source to find properties at that price range in Brooklyn or Bronx? 

[Abena Sidibe]

Hi @Donald Jeune. I was in a similar predicament a few months ago. I was approved for the same amount plus the 203K loan. I remember the buyer's agent in East New York asking me to consider getting a loan from a mortgage broker instead to move things along faster as the 203K loan had many stipulations.  I told her that I had a lot of concessions from the program I was working with...Neighborhood Housing Services.  The deal fell apart after that.  Maybe the conventional loan would have been the way to go since the market is hot and speed seems to take priority. I'm sure the experts on BP will give you more info. I'm rooting for you. :-)