FHA 203k Checklist: Milwaukee WI

[Demetrius Lindsey]

I'm looking to get started investing Milwaukee with my wife buying a fixer upper multi-family. The FHA 203k loan seems like a great product for us. I'm looking for a checklist of best practices for the loan process. Anyone that can provide real insight that would be amazing. I'm looking for an agent and lender currently that has experience with 203k. Feel free to refer.

[Paul Welden]

I think FHA 203k loans are great! But you need the right REALTOR, a 203k experienced Lender, and a Certified 203k Contractor --- you're only as strong as your weakest link.

However, in a competitive seller's market, the FHA 203k is certainly not as desirable/competitive as other methods of purchasing properties.

There's a really great FAQ on the 203k along with a recommended steps/process for the 203k at 203kContractors.com - that's where I go for anything 203k related. 

Last fiscal year, Milwaukee only did 93 FHA 203k loans and only 5 FHA 203k loans were endorsed in August 2020.