203K SFR convert to Multi-Family

[Jaimee Martin]

Hi All,

I am planning on purchasing a property for myself next year using a 203k. I have been trying to educate myself on all things 203k prior to getting started, but the one question I can't seem to find an answer to is: If I plan on converting a SFR to a duplex or triplex, will the lender take into consideration the future rental income of that new unit when considering the amount I can qualify for?

Im hoping to start talking to lenders & consultants in December, to get an idea of how much I qualify for, that way I know what I can start looking for.

If there are any lenders that lend in NY and are experienced in 203K, let me know! Hopefully we can start up the process in a few months.

Jaimee Martin