2–4 Unit Multi-Family

FHA's best-kept secret: the 203k works on owner-occupied properties up to four units, with loan limits that rise for each unit — in 2026, up to $1,041,125 at the floor and $2,402,625 in the highest-cost counties for a 4-unit property.

That means you can buy a tired duplex, triplex, or fourplex, renovate every unit with financed funds, live in one, and rent the rest. Projected rental income from the other units can often help you qualify, making the price tag far more accessible than it looks.

It's the most powerful wealth-building structure in residential lending — first home and first investment property in a single 3.5%-down loan. The renovation piece is what makes it work: tired multi-families are priced for their condition, and you're financing the fix.