What is the 203k Loan Process... in Detail!

[Taylar Caraway]

My fiance and I are moving to Atlanta this fall and are going to use a 203k loan to rehab a multi-family (duplex, triplex, quadplex) and kickstart our real estate investing career. We have found a lender that we would like to use. He has answered all of our questions about the process and the steps that need to happen, however, we would like to speak with investors who have been through the 203k loan process and have used these loans to fund deals. We want to know the pros and cons; what was easy or hard; were there any bottlenecks or major complications; Do we find 2 or 3 lenders and get prequalified with all of them?

[Billy Amberg]

Hey there everyone! I’m not sure how far into the weeds any of you have gotten on the 203K Loan, but in the spirit of sharing knowledge, I started a discussion on the subject here: The 203K Loan - Open Discussion. Lots of great stories from people who succeeded and had nightmares with this type of financing. Many pros, but also many cons if you are not prepared.