Anyone have experience using FHA 203k or 203b
I'm looking for feedback from those who have experience using FHA 203k or 203b to aquire/renovate a property that needs to work. I'd like to hear from people who've had success with the program.
I found a great cash-flowing deal, however the property needs work to make it livable and won't pass typical FHA or Conventional standards. Not letting that stop me, I'm exploring using 203k to get into the home and not cause the deal to fall apart. I looked into hard money, however it's super expensive on a $300k purchase. I'm trying to be positive and not just throw in the towel. I ran the numbers and it's an awesome opportunity to get into a great area in Charlotte (which has development popping up everywhere).