+2 votes
I am considering buying a double or a trip-plex that needs repairs and updates to raise its value that I can make my permanent residence in New Orleans, LA.  I would like to know the loan limits and the % down to accomplish the purchase and renovation with a 203k loan.
asked Apr 29 in Buying a Home by Mark Vaughn

2 Answers

+1 vote
GustanCho is correct. For a 1-4 unit primary residence you will need 3.5%. The loan limit according to HUD.GOV for 2-unit properties in Orleans County is $377,075 and for a 3-unit property it is $455,800. Hope this helps! Please reach out to me, Mike Gracz on 630-659-7644 or email me at mgracz@usa-mortgage.com. I am an expert in FHA 203K Loans.
answered May 1 by MikeGracz (16,780 points)
0 votes
Down payment on purchase with 203k Loans is 3.5% down payment on after improved value after construction.  Please click on Loan Limits on The Mortgage Reports and enter your zip code for maximum loan limit on FHA LOANS on 2 to 4 units. $294,515 is the loan limits on single family homes unless it is on high cost areas
answered Apr 30 by GustanCho (107,040 points)
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