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Want to use 203k mortagage under condo rehabiliation
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Rocky.G

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Post Posted: Thu Jul 28, 2005 1:55 am    Post subject: Want to use 203k mortagage under condo rehabiliation
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under what conditions can HUD 203k mortagage be used for condo rehabilitation?
Icon Mini Profile Caron
Caron
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Joined: 19 Jul 2005

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Post Posted: Thu Jul 28, 2005 2:48 am    Post subject: RE:
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Hi Rocky.G

A HUD insured 203k mortgage loan used for condominium rehabilitation demands certain conditions to be fulfilled. For instance, the borrower should be the owner/occupant of the unit and he must not have profitable source of income. The rehabilitation should be limited to the interior of the unit. The rehabilitation should be restricted to about 25% of the total number of units at one time. The maximum mortgage amount should not exceed 100% of the after-approved value. After the rehabilitation is over, the individual buildings within the condominium must not contain more than four units.

Hope you will be benefited from this information.

Regards,
Caron.
Whyte

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Post Posted: Tue Mar 20, 2007 3:46 pm    Post subject:
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Quote:
under what conditions can HUD 203k mortagage be used for condo rehabilitation?

Rocky,

Section 203(k) can be used for rehabilitation of units in one-to-four unit structures. But that does not mean that all individual structures in the condominium project must be detached or the project in whole can have only 4 units. One example would be of a project consisting of 6 buildings and each containing 4 units. A total of twenty four units in the project and still be eligible for the loan.
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