FHA 203K monthly payments

[Jay Gibbs]

Hello Everyone,

I'm thinking of doing an FHA 203K loan for a 2 unit building to convert it to a 3 unit building. This is going to be a full gut rehab on the entire building. The renovations are going to take anywhere between 8-10 months. My question is, will I be required to make monthly mortgage payments during the renovation period? Or are those monthly payments deferred until renovations are complete? This will be a huge help if someone has insight on this.

[Andrew Postell]

@Jay Gibbs if the renovations take this loan then you will need to be prepared to make payments.  Also, keep in mind that this is a loan type that will require you to occupy the property within 60 days of closing on the transaction.  Meaning, you will be required to live there while the work is going on.