Additive manufacturing technologies are opening opportunities to realize components free from restrictions of traditional manufacturing methods. In the case of the magnetic circuits, more comprehensive optimization can result in designs with enhanced performance and lower material consumption and costs. Iron-Cobalt (Fe-Co) alloys are considered a very attractive option for highly optimized applications given their high saturation flux density and typically low magnetic losses. We study the selective laser melting (SLM) processing of two Fe-Co-based alloys. The process parameters were determined by following Design of Experiments (DoE) principles using a full factorial design. With the optimal parameters, specimens for mechanical and magnetic characterization were manufactured. Properties were measured from as-built samples in different building directions as well as after heat treatment. Tests showed that the mechanical properties are in line with commercial reference material. Results that were obtained are forming basis for designing of high performance magnetic circuits enabling e.g. increase of power density for electric motors.