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 What are the 203k eligible properties?

Home > Faq > What are the 203k eligible properties?

What are the 203k eligible properties?

  • 1-4 unit properties that have been completed for at least one year and meet all state and local requirements.
  • Any property the buyer wishes to convert either from a Single Family Housing into a 2-4 unit, or from a 2-4 unit property into a Single Family Residence.
    • Conversions to condominiums do not qualify under this feature.
    • The number of residences that are available at the end of the renovation are the number of qualifying units.
    • All newly constructed units must be attached to the existing dwelling.
  • Manufactured homes built after June 15, 1976 and have been affixed to a permanent foundation for over one year, can be refurbished with this program.
    • The unit must have been delivered to the site when it was new, prior to being occupied.
    • The rehabilitation cannot affect the structural components of the home that were designed and constructed in conformance with the Federal Manufactured Construction and Safety Standards.
    • Must have Structural Engineer Certification.
    • Rural properties require a home inspection and must be constructed before 1990.
    • Single-wide Manufactured Homes are not allowed.
  • View the complete Sun West Manufactured guidelines at: Click Here
  • FHA approved condominiums are eligible for renovation with limitations: only areas of the property that are not the responsibility of the condominium association (the interior of the unit), can be renovated with exception of installation for firewalls in the attic for the unit.
  • "Mixed Use" Residential Property
    • The Gross Building Area (GBA) used for commercial purposes may not exceed.
      • -49%
    • Commercial purposes must not affect the health and safety of the occupants. The renovation funds will only be used for the residential portion of the home and areas that grant access to the property,including exterior sliding and roofs.
 

203(k) Rehab Guide Quick Jump

203(k) Rehab Loan FAQs

 

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