My experience has been positive although I have heard from many that haven't. I think that the best possible
thing you can do for yourself right now is to educate yourself on the program as much as possible. I have supplied a link below to the page which details all the steps, requirements and options to consider when using FHA 203K. Scroll down to the "Introduction" to begin and definitely request the HUD handbook which references this topic specifically.

Good Luck to you,

D Shelton ABR REALTOR

It is really hard to get the 2nd you are looking for. Are you sure there are the comps in the are to support a 2nd?
I would consult a good lender that does FHA loans often. Then get a second opinion. You also can not count on moving in and getting the 2nd loan later. The lending guidelines may change in the future and then you may not get the 2nd you were looking for.
Brian

Devoncox:
I've had better success with 203k's than the previous answer. Am doing one right now using Jim Duvall at Wells Fargo. Jim's number is 303.840.6051. He could best answer the HELOC question. Good luck!

Tim Klein
Broker
Metro Brokers - The Realty Werks
303.973.7600

Devon,

I have yet to work with a buyer that was successful in purchasing a home with a 203K loan. I would suggest you speak with Mike Savell at Chase Bank. He is my go-to lender and can help to educate you on your financing options.

Contact Mike at 303-625-3123 or michael.b.savell@chase.com

Best of luck,

John Keene
Keller Williams
303-547-7578