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Updated over 2 years ago,
Using 203K to turn a duplex into a 4 Plex with 4 plex limit
Hello everyone,
Newbie here so all help is welcomed. So here's my situation/question: I am approved for the 203k and already under contract with a ran down duplex on a 18k sq ft lot. The land is zoned for a R3 (Multiple Dwelings). I am already making plans to rehab the current duplex under the FHA loan limit but can I utilize the loan limits for a 4 plex to build an additional duplex above the current structure without me having to use hard money or a construction loan to build up and make it 4?
thanks
Steve