203k MADE EASY

I Didn't Know This Would Qualify for a 203(k):

• Moving a house onto vacant land
• Converting a duplex, tri-plex or four-plex to a single family home
• Converting a a single family home to a duplex, tri-plex or four-plex
• Mixed-use residential-commercial (work on residential portion only; certain ratios of residential to commercial use apply)
• Refinancing a current home and use equity to improve property (does not allow cash-out)
• Demolishing an existing home and rebuilding (as long as part of foundation remains)
• Rehabbing a single family home
• Rehabbing a townhome
• Rehabbing a condo (no more than four units per building)

203(k) Quick Facts

One to Four Units

Eligible properties include one to four-family dwellings that have been completed for at least one year.

Monthly Payment Reserve

Up to 6 months of mortgage payments, including the mortgage insurance premium, may be placed in escrow to cover the monthly payments during the construcion period.

Foreclosed Properties

203(k) loans can be used to purchase and rehabilitate foreclosed properties that do not meet the regular FHA requirements

Refinancing

203(k) loans can be used to refinance and improve a property that is currently owned by the borrower.