What property types are eligble for 203(k) Loans
August 21, 2008 by mcentifonti
The property must be a one to four family dwelling that has been in existence for more than one year (the # of units must be acceptable to local zoning requirements). Some portion of the foundation system must remain in place.
This loan may also be used to convert a one family dwelling into a multi family dwelling and vise versa.
A 203(k) mortgage may be originated on a “mixed use” residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
For more information about HUD programs txt your phone number to 215.630.1550.
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Melissa Centifonti
Philadelphia Hud Home Specialist
melissa@realtorsinphilly.com
215.630.1550
Tags: 19120, 19124, 19144, 19149, 19151
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