Winter Haven 203(k) Rehab Loans – Part 2: Eligible Properties | Florida Mortgage Broker

In part one of this Winter Haven 203(k) Rehab Loan series, we talked about some of the basic components of the FHA 203(k) Rehab Loan. This post provides some basic insight into the types of properties eligible for this program.

Eligible Property:

1. Property has to be a one – to four-family dwelling that has been completed for at least one year. Cooperative units are not eligible.

2. You may use the FHA 203(k) rehab loan for properties in distressed and even (beyond distressed!) condition. Yup – even homes that have been demolished are eligible if some of the existing foundation system remains in place!

3. Have an existing home or modular unit you want to move onto a new site? No sweat! An existing house or modular unit on another site can be moved to the mortgaged property.

4. Want to live where you work? You can do this, too – as FHA 203K mortgages may be used for “mixed use” residential properties. Part of the use can be for homes, part for commercial use. Note: there are restrictions.

5. Live in a Winter Haven, Florida condo? The 203K rehab loans can be used for individual units in condominium projects that have been approved by FHA or VA.

6. Looking at a GINORMOUS rehab bill? Awesome. The needed repairs actually require repair totals to meet or exceed $5,000!

7. The property has to appraise for the purchase price plus rehab costs after the renovations are completed.

I hope this clears things up a bit. The FHA 203(k) rehab loan program can do a lot to revamp or renovate homes here in Winter Haven that have been neglected by those going through the repossession or foreclosure process. If you find a good deal out there, don’t hesitate to jump on it, as this program can turn that junker into a gem!

Buy and Fix Up Winter Haven Homes with 203(k) Rehab Loans (myfhamortgageblog.com)

I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!

Share on Facebook

Share this article with friends and colleagues: