Investor · Woodside, NY · Member since 2020 · 2 posts · 0 votes
Hi All,
My partner and I are planning to buy a land to use for geodesic dome short term rentals. We found a land with a small house but it needs renovation so I'm thinking to avail the FHA 203k loan. Is it possible to put up a geodesic loan on a fha 203k property? We are also planning to take out personal loans on the dome which is about 100K.
Real Estate Agent · Grand Junction, CO · Member since 2015 · 1k+ posts · 736 votes
5y
@Celeste Rosario One of you must live in a property as your primary residence if you want any type of FHA loan. I am not a lender - but in theory you can borrow to add a garage, or unit, etc. However, I believe you are limited to 50% of the cost of the property for the rehab dollars. Any lenders out there that can weigh in on this?
I believe that a Geodesic Dome is NOT eligible for a 203k loan. Reference HUD SFH 4000.1.
However, you could buy the existing property that has a residential structure using a 203k loan and use other $$$ (not 203k loan) for the geodesic dome.