FHA 203K Loans - Which Houses Qualify?
Acquire Real Estate Company Facebook Page: Posted on Thursday, September 12, 2013 8:51 PM

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!