Using the 203k Loan For Multiple Unit Properties

 

Yet another way to use the 203k loan, for multiple unit properties. A home buyer can purchase and remodel up to a four unit building as long as it is to be owner occupied. Again no investors allowed. The FHA 203k maximum loan limits on units is higher than for a single family unit, you just have to check your individual county for those limits. The 203k maximum loan amounts are different for 2 units, 3 units and 4 units. Feel free to call me for the me for these limits. You can even take a 6 unit building and make it a 4 unit building as well or take a 2 unit and make it a 4 unit (although some lenders may not allow this, the 203k guidelines state this can be done). Talk about a flexible loan which can help supplement your income, the 203k loan is an awesome tool that helps revitalize neighborhoods as well as providing options to a home buyer that aren’t available on any other loan. Best KW

If anyone has a question on this article or how to use the 203k loan for multiple unit properties,  please click here to let me know your scenario!

Best,

Kevin Walton

 

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