Fha 203k loan for multi-unit

[Tyana Blackledge]

Hi!

Is anyone familiar with the process of an fha 203k loan and has experience? Just curious on what your experience was like because i want to use this to acquire my first rental property and I’ve been doing a lot of research on it and this seems to be the best strategy for me starting out.

Hopefully someone replies because i don’t see posts on this topic

[Brad Hammond]

Hi @Tyana Blackledge, I don't have any experience with a 203k loan with multifamily but I would reach out to a few lenders and get their take on it. Just know that not all lenders work with 203k loans but they are more difficult. The one issue I see is that because the work needs to be completed within a set timeframe, it might be extremely difficult to do that if the other units are occupied. It might be better to look at creating an ADU in a single-family home.