Can you use a FHA 203k loan or a Fannie Mae conventional renovation loan on a multi-unit property? YES! You can renovate 1-4 unit properties with both FHA 203k and conventional renovation loans. The renovation loans also allow you to convert a SFR to a multi-unit and a multi-unit back to a SFR as long as county zoning allows for it. NOTE – When a buyer is purchasing a multi-unit property as a primary home, potential rental income from the additional units is allowed to help toward qualifying the buyer.
- What is the maximum amount of work allowed on a Fannie Mae HomePath Renovation loan? The total max cost of renovation (including inspections, title updates, etc) is $35,000. However, Fannie Mae’s main renovation loan – Homestyles Loan – does NOT have a cap on the amount of repairs which is another reason we tend to see it more often. FHA 203k loans also do not cap the amount of repairs except for meeting county loan limits ($304,750) and of course appraisal/qualifying limits for the transaction.
- Do you need a Clear WDO inspection to close on a FHA 203k or Conventional Renovation loan? NO! As long as the scope of repairs (estimates) from the contractor is addressing the WDO damage then we are fine to close it guarantees the work will be done after closing. NOTE – You can even close on a home with live termites as long as pest treatment is included on the scope of repairs to be done after closing.
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