203 k mortgage.

[Lamar Allen]

Hi BP community,

What size property can I finance using a 203k mortgage? Is it only for single families, or can I use it for a quad?

[Paul Welden]

FHA 203k loans can be used for residential properties that are 1 unit, duplexes, triplexes and quads (4-plex) as long as the borrower resides in 1 of the units as their primary residence.
You can even convert a quad into a 2-unit or a 1 unit into a triplex ...as long as the final product is a 1-4 unit residential property. 
FHA loans, including the 203k, can also be used on certain mixed used residential properties.