When I Renovate a home using an FHA 203k...Can I move in right away?

The short answer MAYBE.

In order to know this answer for sure we will need to know more about the renovation.

• How large is it?
• What kind of renovation are we doing?
• How long will it take?

The best way to determine the answer to this question is to speak with you contractor. The contractor will know if they want you in the house during the renovation or if your presence will make it more challenging on them. Keep in mind, if you make it harder on the contractor, a "pain-in-the-butt" fee will likely be added to your job.

For example: if you are installing new flooring throughout the entire home, beds, couches, chairs, and tables will all be IN THE WAY. This means someone, likely the contractor, will be stuck moving your furniture over and over again. Time is money. Also, if new bathrooms are going in or major mechanicals are being worked on, you may not be able to use the toilet or the shower. Those are not fun living conditions and staying where you are at would be much better.

This leads us to the next issue. 2 rent/mortgage payments. Don't worry, speak to your lender.

They can push up to 6 months worth of mortgage payments into your loan so that you don't have to may 2 payments during construction. So, yes you can move in and no you don't have to make two payments but consulting with your contractor and lender BEFORE closing is highly recommended.

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