FHA 203K Loans - Which Houses Qualify?
Acquire Real Estate Company Facebook Page: Posted on Thursday, September 12, 2013 8:51 PM
"QUESTIONS ABOUT FHA 203K LOAN - WHICH HOUSES QUALIFY?
There are two types of FHA 203k loans, regular and streamlined. Regular 203k loans are for homes that need structural repairs, and streamlined loans are for those that need non-structural repairs.
In order to qualify, homeowners must plan to live in the home they are repairing. The following types of residences qualify:
•Tear-downs: As long as part of the foundation will remain, houses that need to be destroyed and rebuilt are eligible.
•Existing construction that is at least a year old.
•Single-family, two-family, three-family or four-family dwellings.
•Condos: if they have been approved for FHA loans.
•Mixed-use properties: If you are repairing only the home
portion, a mixed residential/commercial property can qualify.
•Homes needing to be moved to rest on a new foundation"
~Article Courtesy of Midland Mortgage Corporation & Acquire Real Estate Company Facebook Page
For questions call (803) 200-6333 or complete the form under the "contact us tab" and we will get you in touch with a loan officer who can explain all the details!