FHA 203K Renovation Loans - 3.5% Down Up to 4 Units

[Jim Blackburn]

Consider an FHA 203K Renovation Loan for improving long term holds up to 4 units with just 3.5% when purchased as primary residence (initially).  Buy as primary residence, and you can move out and keep as rental 12 months later.  Loan maximum is subject to FHA county loan limit. 

Loan is paid two increments 

1. Purchase funds paid to seller at closing  

2. Renovation funds are paid to licensed contractors over 3-6 months 

Example 

This example is for Los Angeles. (I can do business in all 50 states.) 

In LA, the county loan limit for 4 units is 1,223,475.

800,000 purchase price 

400,000 renovations (100k per unit) 

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1,200,000 total loan needed 

3.5% down = 42,000 down payment 

All closing costs and escrows can be covered by seller as long as less than 6% of purchase price.  

Shoot me an email for details. 

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