Want to use 203k mortagage under condo rehabiliation

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under what conditions can HUD 203k mortagage be used for condo rehabilitation?

Caron · Posted: Thu Jul 28, 2005 2:48 am Post subject: RE:

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.

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