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Updated over 7 years ago on . Most recent reply

Sebastian Lee's profile image
Sebastian Lee's profile image
Sebastian Lee
  • Real Estate Agent
  • from Owatonna, MN
  • Member since Apr 29, 2017
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Sebastian Lee's profile image
Sebastian Lee's profile image
Sebastian Lee
  • Real Estate Agent
  • from Owatonna, MN
  • Member since Apr 29, 2017
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Sebastian Lee
  • Real Estate Agent
  • Owatonna, MN
37
Votes |
36
Posts
Creative Real Estate Financing

Building a duplex with a 203k loan

Sebastian Lee
  • Real Estate Agent
  • Owatonna, MN
Posted

has anyone had an experience with a 203k loan?  I'm wondering if I can do a 203 if I'm going to build a duplex I plain to live in and also is it worth the headache.  Thanks in advance!

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Tim Kaminski's profile image
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Tim Kaminski
  • from St. Petersburg, FL
  • Member since Feb 11, 2015
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Tim Kaminski's profile image
Tim Kaminski's profile image
Tim Kaminski
  • from St. Petersburg, FL
  • Member since Feb 11, 2015
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Tim Kaminski
  • St. Petersburg, FL
68
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Tim Kaminski
  • St. Petersburg, FL
Replied

Someone correct me if I am wrong but the FHA 203K loan is a rehab loan. Not a new construction loan. It is 2 separate loans rolled into 1. Purchase loan+Rehab loan. You won't be able to build a home bc I believe the limit is 30k worth of repairs.

Also, I have heard it is much more of a headache to go through and deal with, especially if you are handy yourself.

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