FHA 203k Loans: Purchase An Existing 1-4 Unit Dwelling To Renovate, Purchase And Move An Existing Dwelling To Another Site, And Renovate An Existing Residence

10 09 2012

CALL 800 385-3503 FOR FHA 203K RENOVATION LOAN INFORMATION

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

  • To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.
  • To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.
  • To refinance existing liens secured against the subject property and rehabilitate such a dwelling.

To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.

To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.

http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

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