203k Loan for Accessibility Renovations

[David Choi]

Hi all, I'm a newcomer to both BP and real estate investing. I recently learned about the FHA 203K loan, and I think it makes a lot of sense for me and my wife.

Has anyone used or heard of someone that has used the 203K loan to make accessibility-related renovations? I have a physical disability and rely on a power wheelchair. So, the choices are quite limited in terms of homes on the market. If a 203K loan covered not only the purchase price but also accessibility-related renovations, that would be a true win-win that allows me to find an accessible primary residence while also house hacking at the same time. 

Thanks all!

[Joseph Cacciapaglia]

I have not heard of anyone using an FHA 203K loan for that specific purpose, but I just looked through the guidelines, and don't see any reason that you couldn't do that. You have very broad ability to renovate using that product. One issue you may run into, is that those particular renovations would typically not raise the ARV. If not, your proceeds could still be limited.

You may also want to look into a Homestyle Renovation loan, if you haven't already.

What market are you in?