My thought process here (This could be flawed). But I am wondering if it is at all feasible to use an FHA loan to update a Single Family home of a decent size into a Multi family dwelling such as a Duplex or Triplex. That's it. Washington State, Thurston County. If not, why? If so, what can I expect to come across in the process?
FHA on a Full 203K (not a streamlined 203K) allows a conversion from a SFR to a multi up to 4 units, or vice versa, a multi to a SFR. You are limited to 6 months completion time and the max rehab budget is no more than 50% of the purchase price.
FHA on a Full 203K (not a streamlined 203K) allows a conversion from a SFR to a multi up to 4 units, or vice versa, a multi to a SFR. You are limited to 6 months completion time and the max rehab budget is no more than 50% of the purchase price.