FHA 203K Loan purchase from an LLC

[Davian M.]

Hello,

Our LLC made a cash purchase on a mixed use building. We wanted to know if we could use a FHA 203K loan in our individual names to buy the building from our LLC?

To give you some context we purchased the building under value with a decent amount of equity. Going the FHA route to purchase the building at full value you would give us a profit to fix the commercial unit.

Is this feasible or does anyone have any experience with this method? Thank you for any insight we greatly appreciate it.

Dave

[Davian M.]

@Matthew Porcaro thanks for the response. I intend to live in one unit and rent the others. The goal is to use the equity to renovate the store front since FHA funds can't be used for this aspect of the deal. More to follow. Thanks again.