Fannie Mae Streamline / 203k renovation lending

8 Replies

Originally posted by @Erick Caffarello :


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



203k loans are only for owner occupants. You could look into partnering with someone that has the money or looking at a HML?


Thank you. Both lenders I talked to just now said I couldn’t use the Streamline on an investment property unless I lived there. Has anything changed? If I can use it on non-owner occupied, can you refer me to any lenders who are versed in the program?

Thanks for your reply,


@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.

There are conventional investor versions that require a higher down payment. I completed both a 203K and conventional version in 2013.