FHA Loans -
FHA 203 K Rehabilitation Loan
...............................................................................FHA provides rehabilitation mortgage loans for owner-occupants
of real estate to
- finance the rehabilitation of an existing property;
- finance rehabilitation and refinancing of the outstanding
indebtedness (mortgages) of a property; and
- finance the initial purchase and rehabilitation of a property.
The FHA 203(k) can be used with 1-4 family
dwellings, condominiums and HUD Homes. There is a minimum requirement of $5,000 in
repairs. Unfortunately, Co-ops are not eligible.
FHA 203(k) can be used to bring illegal dwellings into code
compliance. Mixed use residential / commercial properties may also be eligible. A burnt
out shell, incomplete shell or empty foundation is eligible for 203(k) financing provided
it is over 1 year old.
FHA will lend up to 98.15% of the future value of the
dwelling after all completed repairs but you cannot exceed the maximum FHA loan limit for
the area in which the property is located in.
Search the maximum FHA loan limit for your area by clicking
>> Here
With a basic understanding of the FHA 203k loan you may now
learn if you qualify by clicking  FHA Loan Qualifying
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