All Forum Posts by: Hudson Filippi

You can 100% use an FHA-203k renovation loan on multi-unit properties up to 4 units. You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs. FHA 3.5%.

You should talk with a lender like @Jose Valdovinos! He is here in Chicago with me, but does loans across the country. Where are you located?

I am in northern Minnesota, I'm still roughly a year and a half away from graduating so I am just gathering info at this point. I appreciate the reply.

3 Votes

Quote from @Rick Albert:

That isn't 100% true. You can convert a garage into an ADU. That's what I did. You just can't do new construction. It will likely depend on where you are looking.

So I could hypothetically include a studio apartment above the garage and rent out the main house and be within the law?

I should also note that the project would be ground up and the FHA loan would be a one-close construction to a permanent mortgage

0 Votes

I am a complete rookie to the real estate scene, I am looking to house hack for my first residence out of college. I have enough saved for FHA loan down payment on a duplex up to 500k. After diligent searching there are ZERO duplexes for sale within an hours drive of my work place. I have heard there are FHA construction loans but that they are pretty restrictive and do not allow for multi unit construction. What are my options going forward?

2 Votes

All Forum Posts by: Hudson Filippi

Hudson Filippi has started 1 posts and replied 3 times.

Post: Using FHA Construction to House Hack?

Post: Using FHA Construction to House Hack?

Post: Using FHA Construction to House Hack?