+1 vote
asked Jan 4 in Home Improvement by Joanne Hansen

2 Answers

+1 vote
Good morning, Joanne,

There is a 203(b) loan, financing the purchase or refinance of a home, as long as the property in question is FHA-approved, affixed on an 8-point foundation, on land you own and taxed as real estate.

If you're thinking 203(k) for rehabbing or renovating, here's what HUD's training for lenders says about eligible properties:

Property Eligibility
• 1- to 4-family dwellings
• Condominiums
• Manufactured homes built after 1978
• Mixed use

So, yes, you can do it. Finding lenders capable of originating this loan may be more difficult. HUD does maintain a list of approved lenders.

Search here and check the box for 203(k) rehab mortgage at the bottom: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist

Good luck and thank you for writing.
answered Jan 4 by GinaPogol (34,240 points)
edited Jan 4 by GinaPogol
0 votes
As long as the home sits on a concrete foundation.
answered Feb 11 by GustanCho (87,860 points)
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