Updated almost 6 years ago on . Most recent reply
Multi Unit Property 203k loan
Im a college student looking to take advantage of a multi unit property out in LA around the Inglewood area.i have an okay amount saved for 3.5 deposit on a FHA 203k Loan, a really good credit score but my income that is able to be used is kind of on the low end. So i would need to use potential income from the units to qualify for the loan or im guessing have a co-sign. I have found a property that im interested that even with 35k remodeling loan and purchasing he house it will be under 500k. anybody have faced a similar situation and was successful or know what would be the best route. Any advice could help. Thanks In Advance
Most Popular Reply
@Clarence Johnson
You’re right about stacking DPA with a 203k. It’s possible, but rare. It adds even more complexity to an already complex loan product.
Also understand that, as far as I know, if your co-signer is not living in the property you can only purchase a single family. But that might be per the individual lender. I’ve heard that being an issue for people.
Hope this helps!
- Matthew Porcaro
