FHA 203k Renovation Loans

• Primary Residence Only (this program is not for investors)
• Fix Up Short Sales and Foreclosures
• Finance Up to 6 Months of Mortgage Payments

1. One to four unit properties which have been completed (with a Certificate of Occupancy) for at least one year and are acceptable according to the provisions of local zoning requirements. Homes that have been demolished or razed as part of the rehabilitation process can be rehabbed as long as the existing foundation system is not affected and remains intact.
2. A home can be moved onto a foundation on the mortgaged property, provided the proceeds from the sale of the previous location are not released until the foundation is properly inspected and the home is satisfactorily attached to the new foundation.
3. Any property the buyer wishes to convert either from a single-family into a two-to-four family or from a two-to-four family dwelling into a single-family unit.
4. A manufactured home that was built AFTER June 15th, 1976, and has been on a permanent foundation for over one year. The unit must have been delivered to the site when it was new prior to being occupied.
5. Condominiums and cooperates are NOT eligible.

(New regulations are forthcoming for restrictive use on condominiums for nonprofit organizations)

You don’t have to worry about contractors abandoning the job. With an FHA 203k, we (as the lender) deal directly with paying your contractor and confirming that no payments are made until the work is actually done.