I'm looking to sell my home to raise capitol. I'm thinking about an owner occupy with a 203k loan on one of the properties below.
One is in Tecumseh, MI and the other is in Berrien, MI. Both areas are fairly new to me. I'd be looking to do some minor updates while living in one of the units for a year.
Has anyone lived in either area who can give me an inside perspective. The Berrien property seems prime being so close to a university, but it's been on the market a really long time. The Tecumsey property is more than 4 units. I would convert two units into one to avoid the commercial loan.
For the FHA 203k on 3-4 unit properties, you must pass the self sufficiency test, which is that 75% of the rent from the 2-3 units you will not occupy will cover the monthly mortgage payment.