203k renovation conventional: FHA 203K & Fannie Mae Conventional Renovation Loan
- 08/30/15 03:12 AM
Can you use a FHA 203k loan or a Fannie Mae conventional renovation loan on a multi-unit property? YES! You can renovate 1-4 unit properties with both FHA 203k and conventional renovation loans. The renovation loans also allow you to convert a SFR to a multi-unit and a multi-unit back to a SFR as long as county zoning allows for it. NOTE – When a buyer is purchasing a multi-unit property as a primary home, potential rental income from the additional units is allowed to help toward qualifying the buyer. What is the maximum amount of work allowed on a Fannie Mae HomePath Renovation loan? The … (19 comments)
Can you use a FHA 203k loan or a Fannie Mae conventional renovation loan on a multi-unit property? YES! You can renovate 1-4 unit properties with both FHA 203k and conventional renovation loans. The renovation loans also allow you to convert a SFR to a multi-unit and a multi-unit back to a SFR as long as county zoning allows for it. NOTE – When a buyer is purchasing a multi-unit property as a primary home, potential rental income from the additional units is allowed to help toward qualifying the buyer.
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