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203k loan on Self Directed IRA
I am wanting to purchase a multifamily property in the near future. I am also interested In converting my Roth IRA to a self directed IRA. Is it possible to use a self directed IRA to purchase a property with a 203k loan?
I have already purchased my first primary residence using a first time FHA loan so that wouldn't b an option.
Anyone have any thoughts on this.
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Dmitriy Fomichenko
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Dmitriy Fomichenko
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Lance,
FHA 203K loans are not available for investors (owner-occupied only). You can not buy residence with an IRA, only investment property. Such purchase can be financed, but the loan must be non-recourse according to the IRS rules.