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Can 203(k) loans be used to rehab a four flat if the owner occupies one of the units?

Asked Tue Jun 24 2008, 17:08 by Carl - Logan Square - Home Buying - 6 answers

mike answered:

Yes, and there is much more. Find a 6 or 8 unit building and turn it into a 4-plex under the 203k loan program. Find a garage/warehouse in a residential area and turn it into a 1-4 unit residential property provided the zoning allows this of course. Find a 'mixed use' property and improve the 1-4 units above the store under the 203k loan program. While you can't use the rehab money on the commercial you can rehab up to four residential units and ignor the commercial if it fits the guideline. - Mon Aug 11 2008, 11:51

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