FHA 203K monthly payments

[Jay Gibbs]

Hello Everyone,

I'm thinking of doing an FHA 203K loan for a 2 unit building to convert it to a 3 unit building. This is going to be a full gut rehab on the entire building. The renovations are going to take anywhere between 8-10 months. My question is, will I be required to make monthly mortgage payments during the renovation period? Or are those monthly payments deferred until renovations are complete? This will be a huge help if someone has insight on this.