Purchase and upgrade ???

Home Forums Purchase Program Purchase and upgrade ???

This topic contains 2 replies, has 2 voices, and was last updated by  newuser 4 days, 23 hours ago.

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  • #38683

    newuser
    Member

    Can one purchase single family house and upgrade into duplex? If yes, what will be maximum purchase limit – single family or duplex maximum purchase limit?
    Is it just to renovate existing property?

    #38702

    TTrumble
    Member

    Hello newuser,

    Yes, you can buy a single family house and convert it to multi-family using
    renovation funds through a NACA mortgage. However, your are legally still buying a single family home, and it will be considered such until the renovation is done and the legal status of the property is changed to a multi-family. Therefore you will be limited to the single family purchase limit.

    Since HAND Department rules say you may borrow up to 110% of the post renovation value, you may find more renovation funds available than normal. Please contact the HAND Department directly at 210-319-2978 with specific questions.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #38734

    newuser
    Member

    Thank you Tim. I will contact HAND Department.

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