Using a 203(k) Renovation Loan with Multi Units

February 21, 2018

It’s February of 2018, and many potential buyers are inquiring about purchasing multi-unit properties.  These buyers see the opportunity to supplement their income and decrease their housing expense by receiving rental income from a second unit.  It's an interesting plan!

 

The FHA route provides a fantastic option because it allows you to purchase up to 4 units with as little as 3.5% down.  This is worth repeating, you can buy 4 units for 3.5% down!  The Fannie Mae loan limits are higher for multi-unit properties too.  The limits vary by county, but here in San Diego, you can put 3.5% down on a 4 unit property that costs over $1M dollars!  

 

Multi-unit properties give buyers the opportunity to have a more manageable housing payment because of the rental income they receive.  Buyers can also rehab multi-unit properties with a renovation loan, and then increase the rents!

 

FHA 203(k) loans for multi-unit properties provides a very interesting opportunity for new buyers to not only buy a primary residence, but also get their foot in the investment game.

 

 

 

 

 

 

 

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