203k Streamline or regular 203k Loan

[Jordan Autrey]

Me and my brother have put together a LLC for rental property investments. We want to start in Florida either in Tampa or Orlando area with multi family properties and Condominiums.

We are looking for some advice for first timers picking a non residential state to start in we do understand 203K is a part of the FHA program and also wonder do we have to live in the properties for a year even though it's not the FHA loan its self but a product in the same program as FHA!.

And if we don’t want to be required to live in our first property what opportunities/Options do we still have to get our first property closed with in the next 80 days !!

[Account Closed]

Yes, you still have to live in the property if you get an FHA 203k loan.

For investment properties, you can get a conventional loan with 25% down.

There are non-QM options that allow you to put as little as 15% down, but the rate will be higher than a conventional loan.

This is for 1-4 units. If you go 5+ units, you will have to get a commercial loan. There are many different options for commercial loans. Usually there is a 20-25% down payment.