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David Cruickshank
"Mortgage Broker - Rehab Loan Specialist"
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I became a mortgage broker after using the little known 203K Rehabilitation loan on my home in 2007. I am a big advocate of this loan especially in the
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David Cruickshank answered:
Investor1,
The 203K loan is an FHA loan as it is a type of FHA loan to perform rehabilitation on an owner occupied property. The building will qualify as long as you change it from a 5 unit to a 4 unit. FHA guidelines only allow up to 4 unit on a purchase.
There is limited financing (if any) for a conventional renovation loan that does not have a very high interest rate of requires a great deal of money down.
If I can help you in any way please do not hesitate to contact me.
Sincerely,
David P. Cruickshank
Ardain Mortgage Corp
847-354-5455
davidc@ardain.com
The 203K loan is an FHA loan as it is a type of FHA loan to perform rehabilitation on an owner occupied property. The building will qualify as long as you change it from a 5 unit to a 4 unit. FHA guidelines only allow up to 4 unit on a purchase.
There is limited financing (if any) for a conventional renovation loan that does not have a very high interest rate of requires a great deal of money down.
If I can help you in any way please do not hesitate to contact me.
Sincerely,
David P. Cruickshank
Ardain Mortgage Corp
847-354-5455
davidc@ardain.com
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