mixed use buildings and the FHA

Reading some of the other blogs I was happily surprised to see a 203k friend talking up the Mixed Use application of the FHA loan program. I can't imphasize how dynamic this can be for a 'new investor' who doesn't mind liiving in the property for a while. You get to ignor the stores and have up to 4 more residential units... I did an appraisal on a large store front that took up the whole lower floor and the owner lived upstairs in a modest unit that was in fair condition. My job was only to appraise the building but he could have easily turned it into a 203k and got the money out to fix up the residential units including the one that was not in rentable condition.