Question about 203K loan

1 Reply

Newbie here, learning as much as possible through books, podcasts, webinars and BP tools, such as calculators. I have a question about 203K loans: Do I have to claim the target property as my primary residence, or could I spare a unit and make it my office (to make it work)? I'll appreciate your input.

You have to live in one of the units to use this type of loan. It's an owner-occupied loan only, so you would have to make it your primary residence - for at least a year, I believe. 

But if it's a multi unit, you could make the other one/s your office, or rent them out, or whatever you like. You just have to live in one of them.

No more than 4 units with this loan, though. Anything more is considered a commercial property, and will require a commercial loan.