Fannie Mae Streamline / 203k renovation lending

[Erick Caffarello]

Hello,

Can I use Fannie Mae Streamline / 203k for non-owner occupied rehab loan? If not, what other options are available?

Thanks,

Erick 

[Andrew Postell]

@Erick Caffarello it's super easy to get things confused with loans. There are so many types and they have similar terms. In your original post you COMBINED 2 different loan types. Fannie Mae and FHA. The FHA renovation loan is called a 203k....that is for OWNER OCCUPIED properties ONLY. FHA has a Full and a streamline version of their renovation loan, again this loan is just for people who occupy the property. But the Fannie Mae renovation loan, called HomeStyle, CAN be used for investment properties.  You need to find a bank that will write Fannie Mae HomeStyle loans.  

There are other loan types out there that will allow you to roll in construction costs into an investment property.  Hard Money is one loan type.  Small banks will also have loans that will allow renovation costs to be rolled in.  And when I say small - I mean REALLY small.  It might be good to ask these questions in the state forum that your property is in.  Use the subject line of "looking for renovation loan in X State" or something like that.

Hope this helps but let me know if you have any other questions.