Homestyle Renovation Loans

[Alexander Russell]

Hi, does anyone know if you can use a Homestyle Renovation Loan for an investment property with 3 units? I thought i would be able to use this when reading up about it but it sounds like you can only use it for 2-4 unit properties if it's your principal residence (i.e. if it's a second home or investment property, it can only be used for a 1 unit property). Am i right here?

If so, does anyone know of an alternative loan product that can be used to purchase a 3 unit property and also wrap some of the funds for renovations into the loan/mortgage?

Thanks.